ISLAMABAD, July 24 (Xinhua) -- Pakistan on Monday signed a framework agreement with Azerbaijan for procurement of liquefied natural gas (LNG) on flexible terms to meet domestic energy requirements, the Prime Minister's office said.
The agreement was signed between Pakistan LNG Limited and Azeri
company SOCAR in Lahore in the presence of Pakistani Prime Minister
Under the agreement, the SOCAR will supply one cargo per month of LNG to Pakistan on flexible terms, the statement added.
The credit line will be 30 days after delivery of the cargo in a one-year contract, which is extendable by another year, said the statement.
Speaking at the ceremony, Sharif said that during his visit to Baku last month, he had a fruitful discussion with Azerbaijani President Ilham Aliyev to promote economic relations between the two countries.
Sharif said the agreement will not only help Pakistan meet its energy needs but also enhance economic cooperation between the two countries. ■