Davos: The State Oil Company of the Republic of Azerbaijan (SOCAR) announced it will finalize its investment in Pakistan’s oil and gas sector in February. The announcement was made by SOCAR President Rovshan Najaf during a meeting with Pakistan’s Finance Minister Muhammad Aurangzeb at the World Economic Forum.
Najaf described Pakistan as a natural long-term energy partner, highlighting the country’s growing energy demand, market depth, and ongoing reforms in the oil and gas sector. He emphasized SOCAR’s experience as a peer state-owned energy company from an emerging economy, making it a credible partner for Pakistan.
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SOCAR currently operates in Pakistan through SOCAR Trading under a government-to-government LNG framework with Pakistan LNG Limited. This arrangement allows flexible monthly LNG deliveries without take-or-pay obligations. Najaf also expressed interest in expanding cooperation with Pakistan State Oil and across the broader energy value chain.
Aurangzeb welcomed SOCAR’s planned investment and reiterated the government’s commitment to attracting strategic, commercially viable projects in oil, gas, and mining. He said reforms are focusing on pricing transparency, contractual clarity, and risk-sharing to encourage sustained private-sector participation.
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Both sides agreed to maintain close coordination as SOCAR moves toward finalizing its investment. The engagement underscores Pakistan’s efforts to secure long-term energy partnerships and strengthen its oil and gas sector amid ongoing reforms.