Pakistan has decided to buy cheap LNG (liquefied natural gas) from the Central Asian state of Azerbaijan.
Sources say that there will be an agreement between Pakistan LNG Limited and Socar, the state-owned company of Azerbaijan.
One LNG cargo will be purchased every month from Azerbaijan’s company Sokar.
A summary of LNG cargo procurement will be presented to the Economic Coordination Committee (ECC).
Pakistan LNG Limited will make payments to the Azeri company in dollars. Pakistan LNG Limited will open LCs in local bank for payment.
Pakistan LNG Limited is facing difficulties in procuring spot cargoes from June 2022. Pakistan LNG Limited failed to purchase cargo during February to September last year.
An intergovernmental agreement in the energy sector is already in place between Pakistan and Azerbaijan.
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