The Minister of State for Petroleum Musadik Malik announced that Pakistan is set to sign a landmark agreement with Azerbaijan on July 24. This agreement will see Pakistan purchasing one spot of LNG cargo each month from the Eurasian nation.
Speaking to the media in Karachi, Malik revealed that as part of this deal, Pakistan will also acquire 12 LNG cargo ships from Azerbaijan. This move is expected to bolster Pakistan’s energy sector and strengthen its ties with Azerbaijan.
In addition to the LNG contract, Malik disclosed plans for a substantial $14 billion investment agreement in the refinery sector with Saudi Arabia. This agreement is expected to be finalized before the end of the current administration’s term.
The minister also shared Pakistan’s intention to purchase 1.2 million tonnes of oil annually from Russia, which equates to around 100,000 tonnes each month. He reassured that the United States has no objections to this arrangement and confirmed that all commercial issues with Russia have been resolved.
On the financial front, the foreign currency exchange rates for various currencies including the US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and others were released by the Forex Association of Pakistan on July 23, 2023. The US Dollar was trading at a buying rate of 289.4 and a selling rate of 292.65.
In other economic news, the price of a single tola of 24-karat gold in Pakistan was recorded at Rs 223,800 on Sunday. The price of 10 grams of 24k gold was Rs191,880, while 10 grams of 22k gold traded for Rs175,889. A single tola of 22-karat gold was sold at Rs 205,149. It should be noted that gold rates in Pakistan fluctuate according to the international market, so prices are never fixed.
These developments mark a significant step forward for Pakistan’s energy sector and its international trade relations. The upcoming LNG agreement with Azerbaijan, coupled with the planned investment in the refinery sector with Saudi Arabia and the oil acquisition from Russia, signal a strategic diversification of Pakistan’s energy sources.
