ISLAMABAD – Pakistan and Azerbaijan have entered into a framework agreement for LNG procurement with flexible terms. The agreement was signed between Pakistan LNG Limited and Azeri Company SOCAR in Lahore, witnessed by Prime Minister Shehbaz Sharif. During the event, the Prime Minister announced that the agreement’s initial term is one year, with the possibility of extending it for one more year.
According to the agreement, Azerbaijan will offer one cargo of LNG each month, and Pakistan will have the option to accept or decline the cargo without facing any financial penalty for non-acceptance. Prime Minister Shehbaz Sharif hailed this agreement as a significant milestone in strengthening the brotherly ties between Pakistan and Azerbaijan. He expressed gratitude to the President of Azerbaijan for his pivotal role in making this agreement possible.
Additionally, Prime Minister Shehbaz Sharif highlighted the positive outcomes of recent discussions with the President of Azerbaijan. As a result, approval has been granted for Azeri airline to operate flights to Islamabad, Lahore, and Karachi.
This move aims to promote tourism, facilitate investment, and enhance the exchange of delegations between the two nations. Furthermore, the Prime Minister mentioned an upcoming visit by an Azeri delegation of horticulture experts to Pakistan. This visit is aimed at learning from their expertise to enhance the landscapes of Karachi, Peshawar, Quetta, and Lahore, taking inspiration from the beauty of Baku.
Addressing the recent increase in power tariffs, the Prime Minister clarified that it was implemented as part of an agreement reached with the IMF. However, he assured that around sixty-three percent of domestic consumers will not be burdened by the increase, and partial subsidies have been provided to thirty-one percent of consumers.
The Ambassador of Azerbaijan also expressed his views on the occasion, highlighting the deepening cooperation between both countries in various fields, including energy, defense, IT, and transport. Additionally, negotiations for a preferential trade agreement between the two nations are underway, and the Ambassador expressed confidence in their successful conclusion.
