Oil & gas sector: PM urges Azeri titan SOCAR to seize investment opportunities

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday urged Azerbaijan’s state-run energy titan SOCAR to capitalize on lucrative investment opportunities in Pakistan’s oil and gas sectors, marking a decisive move to attract much-needed foreign capital as the country grapples with mounting energy woes.

He also hailed Azerbaijan’s strategic interest in the White Oil Pipeline Project, a high-stakes infrastructure venture poised to reshape regional energy dynamics and fortify connectivity across critical markets.

Sharif made the remarks during a meeting with Mikayil Jabbarov, Azerbaijan’s Minister of Economy, who is leading an official delegation to Pakistan. The discussions centred strengthening economic ties and exploring new avenues for bilateral collaboration.

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The prime minister reiterated Pakistan’s proposal to establish a Pakistan-Azerbaijan Joint Investment Company, with equal participation from both nations.

He also underscored the importance of accelerating progress in bilateral trade, which has seen continuous growth in recent years, while acknowledging the need for further expansion of economic exchanges.

The two sides explored potential areas for cooperation across a range of sectors, including defense production, petroleum, minerals, construction, livestock, tourism, and information technology.

They also stressed the significance of improving regional connectivity, with Sharif highlighting Pakistan’s strategic position as a key gateway to Afghanistan and Central Asia.

Sharif took the opportunity to praise Azerbaijan’s pivotal role in initiatives such as the Trans-Caspian International Trade Corridor, further positioning Azerbaijan as a crucial partner in regional connectivity and trade.

In a gesture of goodwill, Sharif extended an invitation to Azerbaijan’s President Ilham Aliyev for an official visit to Pakistan, reaffirming Pakistan’s commitment to deepening ties with Azerbaijan in all areas of mutual interest. Jabbarov expressed his gratitude for the warm hospitality extended by the government of Pakistan and voiced optimism that ongoing efforts would culminate in a comprehensive roadmap for cooperation in trade, economy, and investment for the 2025-28 period.

The meeting was attended by senior officials, including Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister for Power Division Awais Leghari and other relevant government officials.

Copyright Business Recorder, 2025