According to a statement by the Azerbaijani president’s press service, the signed document was exchanged on Monday during the Pakistani Prime Minister’s official visit to Azerbaijan.
Socar’s president, Rovshan Najaf, and Masood Nabi, CEO of Pakistan LNG, exchanged the “amendment agreement no. 1 to the framework agreement for the sale and purchase of LNG cargoes related to master (delivered ex-ship) LNG sale and purchase agreement,” the statement said.
The statement did not provide further information.
In July 2023, the two firms signed a deal under which Azerbaijan offers one shipment of LNG per month, and Pakistan is free to accept or reject the cargo.
According to local media reports, Pakistan’s Economic Coordination Committee (ECC) approved extending the LNG supply agreement for three more years last week.
Pakistan currently imports LNG via two FSRU-based LNG import terminals in Port Qasim.
The country’s first terminal started operations back in 2015 utilizing Excelerate’s FSRU while the second floating LNG import facility uses FSRU BW integrity.
Pakistan gets most of its supplies under long-term contracts from Qatar, while the country also has a 15-year deal with Italy’s Eni for 0.75 mtpa per year-
Last year, Geneva-based energy trader Gunvor resolved a dispute with Pakistan LNG over issues related to contracted LNG supplies.
Gunvor and Pakistan signed a five-year contract in 2017 for some 0.78 mtpa per year or 12 LNG cargoes per year.
We give you energy news and help invest in energy projects too, click here to learn more