ISLAMABAD: Minister of State for Petroleum, Musadik Malik, said that Pakistan has made plans to buy one spot Liquefied Natural Gas (LNG) cargo from Azerbaijan every month.
He informs journalists during an informal conversation in Karachi that a significant LNG agreement between Pakistan and Azerbaijan is scheduled to be signed on July 24. As part of this agreement, Pakistan will also purchase 12 LNG cargo ships from Azerbaijan.
Additionally, Minister Musadik Malik disclosed that a substantial investment agreement of $14 billion, with Saudi Arabia in the refinery sector is set to be signed before the current government completes its term.
Pakistan Also wants to purchase cheap oil from Russia
Minister of State for Petroleum, Musadik Malik, said that Pakistan aims to purchase 100,000 tonnes of oil per month from Russia. With a total annual target of 1.2 million tonnes. He assured that all commercial matters with Russia have been resolved, and the United States has no objections to the arrangement.
During the conversation, Malik expressed his disagreement with providing cheap gas to the fertilizer sector. Instead, he proposed the elimination of subsidies to the fertilizer industry and suggested redirecting these benefits directly to the farmers. He said that the fertilizer sector consumes approximately 1500 MMcfd gas in the country. And their agreements for cheap gas are approaching expiration. New contracts for supplying gas to the fertilizer sector will be renegotiated with different terms to establish a more equitable and efficient system.
