Azerbaijan in talks on building oil refinery in Pakistan, looks to boost petrochemical, fertilizer exports

BAKU. Aug 3 (Interfax) - Baku and Islamabad are discussing the possibility of cooperation on the construction of an oil refinery in Pakistan, Azerbaijan's deputy energy minister, Kamal Abbasov said.

Abbasov attended the Pakistan Mineral Investment Summit: Dust to Development in Islamabad, the Energy Ministry reported.

Speaking at the conference, Abbasov said there is potential to expand cooperation between the two countries in various sectors of the economy, including energy. He said discussions are underway between the two countries' relevant authorities on possible cooperation on the construction of a new oil refinery in Pakistan.

Abbasov also "drew attention to the agreement signed between the governments of the Republic of Azerbaijan and the Islamic Republic of Pakistan on energy cooperation and highlighted SOCAR's activity as a reliable supplier of LNG in Pakistan during the period preceding the signing of the document." The agreement signed shortly before in the field of LNG supply created great opportunities in this direction, he said.

"It was also noted that Azerbaijan also supplies petrochemical products and urea fertilizers to Pakistan, and exports may be expanded in the near future," the ministry said.

"It was also noted that there are opportunities to engage in the exploration of oil and gas structures in Pakistan, as well as to cooperate with relevant companies in the mining sector," the ministry said.

At the summit, discussions were held on investment opportunities in the mining sectoralong with the management and efficient use of natural resources, and the security of the global supply chain, the ministry said.

Azerbaijan's state oil company SOCAR and Pakistan LNG Limited (PLL) signed a framework agreement on July 24 on supplies of liquid natural gas to Pakistan. The one-year agreement can be extended for the same period. Under the agreement, Pakistan will be able to purchase LNG from Azerbaijan every month at a discounted price. The amount of supplies was not specified.