Pakistan agreed to sign deals with Azerbaijan in various fields including supply of electricity, crude and refined oil products, liquefied petroleum gas (LPG) and liquefied natural gas (LNG).
The agreements will allow the two countries to sign multibillion-dollar arrangements for trading in oil and gas without going through the bidding process, The Express Tribune reports.
Officials familiar with the development said a draft of an inter-governmental agreement had been vetted by the Ministry of Law and shared with the authorities in Azerbaijan.
Authorities in Azerbaijan, Pakistan’s Alternative Energy Development Board and the Ministry of Water and Power are due to hold discussions on the participation of Azerbaijan companies in the development of small hydroelectric power, wind, solar and bioenergy projects.
The two sides have already agreed on facilitating negotiations and the subsequent signing of a memorandum of understanding between the state oil company of Azerbaijan (SOCAR) and Pakistan State Oil (PSO) and other nominated enterprise by Pakistan. Additionally, the inter-governmental agreement is aimed at promoting trade in crude, refined oil products and LPG as well as joint development of new facilities for their import.
They have also agreed on conducting joint research for setting up a laboratory and undertaking production tests in the field of oil and gas.
