(MENAFN- AzerNews) In a concerted effort to steer clear of costly liquefied natural
gas (LNG) purchases from the global market, the ministry of
petroleum officials have announced plans to enter into an agreement
with Azerbaijan's state-owned company, Azernews reports, citing
foreign media outlets.
As per the agreement, Pakistan will buy one LNG cargo per month
from the Azerbaijani company, providing a viable solution to
mitigate escalating energy costs.
The ministry officials have confirmed that an agreement is
imminent, allowing for the purchase of one LNG cargo every month
from the Azerbaijani company.
Following the approval of the Prime Minister Shehbaz Sharif, a
summary was swiftly dispatched to the Economic Coordination
Committee (ECC), ensuring the necessary procedural steps are taken
to finalise the arrangement.
The government has prioritised establishing a direct gas
purchase framework between Pakistan and State Oil Company of the
Republic of Azerbaijan, largely known by its abbreviation
SOCAR.
The company has committed to providing LNG to Pakistan at a rate
30% lower than the prevailing market prices.
This significant reduction in costs is expected to alleviate the
financial burden and support Pakistan's long-term energy
sustainability goals.
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