Pakistan Proposes Economic Cooperation with Azerbaijan
Islamabad, The Gulf Observer: Pakistan has put forth comprehensive proposals to enhance economic cooperation with Azerbaijan, as reported by media.
Pakistani Prime Minister Shehbaz Sharif has tasked the Minister of Planning, Development, and Special Initiatives with conducting consultative meetings with various relevant agencies. These agencies include the ministries of Commerce, Industry, Information Technology, Education, National Food Security, and the Board of Investment. The aim is to create a portfolio of investment proposals valued at $2–3 billion for Azerbaijan.
The investment proposals cover a broad range of sectors. Key areas of interest include participation in Pakistan’s underground gas storage project, the White Oil Pipeline, and oil gas liquefaction infrastructure. Additionally, Pakistan plans to offer SOCAR, Azerbaijan’s state oil company, a stake in Pakistan Refinery Limited (PRL). The proposals also include the potential creation of a joint venture between Pakistan State Oil (PSO) and SOCAR, along with investments in both offshore and onshore exploration blocks.
Further collaboration opportunities include projects involving valuable metals and the field of information and communication technologies, with the potential establishment of IT campuses in Azerbaijan.
In addition to these initiatives, Pakistan is negotiating with Azerbaijan on transit and preferential trade agreements. Efforts are also underway to boost exports from Pakistan to Azerbaijan, particularly in pharmaceutical products and smartphones.
Since December 2023, SOCAR Trading has delivered two shipments of liquefied natural gas (LNG) to Pakistan at competitive prices. Discussions regarding SOCAR’s potential stake in the Pakistani refinery have been ongoing for approximately two years.
These proposals reflect Pakistan’s strategic intent to deepen economic ties with Azerbaijan, leveraging mutual strengths to foster greater regional cooperation and development.
