The State Oil Company of the Republic of Azerbaijan (SOCAR) has announced plans to finalise its investment in Pakistan’s oil and gas sector in February, following a high-level business roundtable held on the sidelines of the World Economic Forum (WEF) Annual Meeting in Davos.
The roundtable was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The announcement was made by SOCAR President Rovshan Najaf during a meeting with the finance minister, according to a statement issued by the Ministry of Finance.
Najaf said SOCAR considers Pakistan a long-term energy partner due to its large market, growing energy demand, and ongoing reforms in the oil and gas sector.
He highlighted that SOCAR already has a commercial presence in Pakistan through SOCAR Trading under a government-to-government LNG framework with Pakistan LNG Limited.
Under this arrangement, SOCAR can supply up to one LNG cargo per month without take-or-pay obligations, offering flexibility in pricing and volumes. The LNG framework has been extended until 2025.
Najaf also referred to SOCAR’s engagement with Pakistan State Oil for the supply of petroleum products and expressed interest in expanding cooperation across the entire oil and gas value chain as sector reforms continue.
He shared that SOCAR operates in more than 20 countries, employs over 66,000 people, and reported revenues of around $50.6 billion in 2024, with an estimated net worth of $56.75 billion in 2025.
Welcoming the proposed investment, Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment to attracting strategic investment in the oil, gas, and mining sectors.
He said the government is focusing on reforms that improve pricing transparency, contractual clarity, and risk-sharing to encourage private-sector participation.
Both sides agreed to stay in close coordination as SOCAR moves toward finalising its investment decision in Pakistan.