MM Report
DAVOS: Azerbaijan’s state oil company, SOCAR, has signaled that it will soon finalize an investment in Pakistan’s oil and gas sector. The announcement came after a high-level business roundtable chaired by the federal finance minister, Senator Muhammad Aurangzeb, on the sidelines of the World Economic Forum annual meeting in Davos. SOCAR is expected to complete the investment during February.
The news was shared by SOCAR president Rovshan Najaf during discussions with the finance minister. He described Pakistan as a natural long-term energy partner, citing the country’s deepening market, growing energy demand, and ongoing reforms in the oil and gas sector.
SOCAR already has commercial engagement in Pakistan through SOCAR Trading. Operating under a government-to-government LNG framework with Pakistan LNG Limited, the company provides flexible supply arrangements. Under this deal, SOCAR can deliver up to one LNG cargo per month without take-or-pay obligations, offering Pakistan more flexibility on price and demand. The agreement has been extended into 2025, reflecting continued cooperation.
Najaf also noted ongoing discussions with Pakistan State Oil on petroleum product supply. He expressed interest in expanding collaboration across the wider oil and gas value chain as reforms continue.
SOCAR, Najaf added, is a major global energy company operating in over 20 countries, employing more than 66,000 people, with revenues of around $50.6 billion in 2024 and an estimated net worth of $56.75 billion in 2025. He emphasized that SOCAR’s experience as a national energy company from an emerging economy makes it a credible long-term partner for Pakistan.
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