March 29, 2023
Economy Pakistan

Pakistan Negotiates Deferred Payment for LNG Imports with Azerbaijan

Sources have reported that Pakistan and Azerbaijan are currently engaged in talks in Baku to negotiate the import of petroleum products and Liquified Natural Gas (LNG) on credit.

According to the sources, a Pakistani delegation led by the State Minister for Petroleum, Musadik Malik, is discussing the import of oil and LNG with the Azerbaijan State Oil Company (SOCAR). The Pakistani delegation has been in Azerbaijan since February 18, 2023, and is expected to stay until February 23.

Pakistan is said to be interested in purchasing one LNG cargo per month, with the negotiations centered around deferred payment terms.

In a recent announcement, State Minister for Petroleum, Musadik Malik, also revealed that Pakistan has successfully negotiated discounted rates for petrol and diesel imports from Russia. Malik described the visit by the Russian delegation as “more successful than we were expecting.”

He further explained that Russia would export crude oil to Pakistan, as well as diesel and petrol at discounted rates that would match those given to the rest of the world. This positive development is expected to be beneficial for Pakistan’s economy.

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