Pakistan and Azerbaijan signed the agreement for a distressed LNG deal, Ednews informs, referring to the Pakistani press.
The deal was signed between Pakistan LNG Limited (PLL), which is a 100 percent state-owned company, and the State Oil Company of the Republic of Azerbaijan (SOCAR). Prime Minister Shehbaz Sharif also witnessed the signing of the agreement.
Speaking on this occasion, the Prime Minister said that the term of this contract is one year and can be extended for another year.
According to him, following the agreement, Azerbaijan will offer one batch of LNG every month, and Pakistan will decide whether to accept this batch or not. He said there will be no financial sanctions if Pakistan does not accept the cargo.
Sharif called the agreement an important stage in the brotherly relations between Pakistan and Azerbaijan. He thanked the President of Azerbaijan for playing an important role in this agreement.
According to the agreement, the LNG cargo volume will be 3.2 million MMBtu +/- 5% and the payment will be made within 30 days from the date of receipt of the PLL invoice.
