Azerbaijan and Pakistan exploring further cooperation opportunities in energy

"The most important area in the cooperation between Azerbaijan and Pakistan is the energy sector. There is big demand in the energy sector and oil and gas products," Azerbaijani Ambassador to Pakistan Ali Alizade said in an interview to Pakistani media.

According to him, in 2017 an agreement for cooperation in the energy sector was signed: "On April 6, the Pakistani Cabinet of Ministers confirmed the agreement on cooperation with SOCAR. This will increase trade turnover between the two countries."

Alizade noted that Azerbaijan and Pakistan are trying to boost the trade relations and the potential of trade between Azerbaijan and Pakistan is enormous: "Our trade rose by 25% in 2018."

He said that 267 Pakistani companies operate in Azerbaijan. They invested $4.2 million in the country's economy.

According to the agreement reached in April 2016 in Islamabad on cooperation in mutual supplies of oil, oil products, LNG and LPG, SOCAR will be represented in this cooperation by SOCAR Trading.

SOCAR Trading will sell more than 1 million tonnes of oil products to Pakistan. A credit line will be opened for Pakistan State Oil (PSO) for payment of $100 million for the products.