Musadik welcomes Azerbaijan’s $100mln investment proposal in LNG sector

“The partnership in oil and gas sector can be enhanced to other sectors like tourism.


ISLAMABAD: Minister of State for Petroleum Dr. Musadik Malik on Friday welcomed a proposal given by Azerbaijan to make a $100 million investment in Liquefied Natural Gas (LNG) sector of Pakistan.

Ambassador of Azerbaijan to Pakistan Khazar Farhadov floated the investment proposal by his country’s oil company ‘SOCAR’ in the LNG sector, varying from terminal establishment to short-term loans and deferred payment facility, during a meeting with Petroleum Minister Dr. Musadik Malik, a Petroleum Division news release said.

“With increasing energy needs of the country, such investment and partnership is a tremendous opportunity,” the minister said.

During the meeting, the two sides focused on strengthening brotherly relations between the two countries and expanding the areas of cooperation in diverse fields.

“The partnership in oil and gas sector can be enhanced to other sectors like tourism.

Azerbaijan wishes to transform brotherly relations into economic ties along the lines of Turkey Azerbaijan relations,” the press release said.

The minister assured his full support to the Working Groups on energy and said a focal person would be appointed from the petroleum division for all energy sector collaborations.

The meeting also discussed Pakistan’s huge potential in oil and gas exploration sector and decided to explore ways and means to strengthen collaboration in that regard

The ambassador lauded Pakistan’s unconditional support to Azerbaijan and expressed his desire to take the bilateral relations to new heights.

He said the direct flights operation from Islamabad to Baku, starting in June, would help boost people-to-people linkages.

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