(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 15. Pakistan and
Azerbaijan will sign an agreement today on supplies of liquified
natural gas (LNG), a source familiar with the matter told trend .
Pakistani Cabinet's Economic Coordination Committee (ECC)
granted approval to a framework agreement between for the import of
liquefied natural gas. The agreement will be carried out by
Pakistan LNG Ltd (PLL), a state-owned company, through
government-to-government trading.
In order to ensure adequate LNG supply, the ECC directed the
Ministry of Petroleum to assess Pakistan's LNG requirements on a
rolling basis, with at least three months' advance notice.
The initial duration of the agreement will be one year, with the
possibility of a one-year extension. Under this agreement,
Azerbaijan's state oil company SOCAR will provide one LNG cargo per
month, with an offer made 45 days prior to the relevant delivery
window. Each cargo offer will have a specified validity period,
during which PLL can accept or reject the offer. The pricing of LNG
will be denominated in US dollars and offered by SOCAR to PLL.
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