Pakistan is likely to sign a commercial agreement with Azerbaijan during the current month for supply of different petroleum products to meet its growing energy needs.
The two sides had entered into an inter-governmental agreement (IGA) in February 2017 for supply of a number of oil and gas products, including furnace oil, petrol, diesel and liquefied natural gas (LNG). "Both the countries are now expected to formally sign a commercial agreement this February on arrival of Azerbaijan Foreign Minister in Islamabad," an official source told APP.
Azerbaijan's daily production of crude oil is approximately 860,000 barrels per day (bpd) and its annual gas production is approximately 29.4 billion cubic feet.
He said Azerbaijan was also interested in investing in LNG sector of Pakistan through its state oil company, which works in exploration and production of oil & gas, processing and transportation of oil, natural gas and gas condensate, besides marketing of petroleum and petrochemical products in domestic and international markets.
The State Oil Company Azerbaijan Republic (SOCAR) has a wide network of petrol stations in Ukraine, Romania, Georgia, Switzerland and Azerbaijan under its brand name.