Pakistan-Azerbaijan sign MOU on Oil, Gas Cooperation
Pakistan Times Business & Commerce Desk

ISLAMABAD: Pakistan and Azerbaijan have agreed to promote and expand cooperation in the oil and gas sector for the mutual benefit of the two countries.

A memorandum of Understanding (MOU) to this effect was signed at the conclusion of a two-day Joint Ministerial Commission (JMC) meeting held in Baku, the capital of Azerbaijan, from July 5-6, says a message received here.

Federal Minister for Petroleum and Natural Resources Ch. Nouraiz Shakoor Khan led the Pakistani delegation at the JMC meeting whereas Minister for Fuel and Energy Development, of Azerbaijan headed its delegation.

Terms and Conditions

Under the MoU, both the countries would cooperate in petroleum exploration in offshore and onshore areas by providing assistance and facilitation to the State companies of the respective countries to evaluate the business opportunities.

They also agreed to cooperate in gas transmission and distribution sector in all fields including the cross border gas pipeline by sharing expertise and transfer of technology.

Both the countries would exchange expertise and know how for regional geological and large scale mapping and topographic surveys of mineral resources including energy, mineral data and information.

They also agreed to collaborate for capacity building and enhancing training skills between the training institutes.

It was also agreed to form a Joint Standing Committee (JSC) to overview the progress on the implementation of the recommendations.

On the occasion, Ch. Nouraiz Shakoor said there existed a lot of potential and opportunities for Pak-Azerbaijan cooperation in the oil, gas and mineral sectors. JMC could play a vital role towards achieving the goal, he added.●