ISLAMABAD, July 6: Pakistan and Azerbaijan have agreed to promote and expand cooperation in the oil and gas sector for the mutual benefit of the two countries.
A memorandum of understanding (MoU) to this effect was signed at the conclusion of a two-day Joint Ministerial Commission (JMC) meeting held in Baku, the capital of Azerbaijan, on July 5-6, says a message received here.
Petroleum and Natural Resources Minister Nouraiz Shakoor Khan led the Pakistani delegation at the JMC meeting. Under the MoU, both the countries would cooperate in petroleum exploration in offshore and onshore areas by providing assistance and facilitation to the state companies to evaluate the business opportunities.
They also agreed to cooperate in the gas transmission and distribution sector in all fields, including the cross-border gas pipeline by sharing expertise and transfer of technology.
Both the countries will exchange expertise and know-how for regional geological and large-scale mapping and topographic surveys of mineral resources, including energy, mineral data and information.
They also agreed to collaborate for capacity-building and enhancing training skills between the institutes. It was also agreed to form a Joint Standing Committee (JSC) to overview the progress on the implementation of the recommendations.
On the occasion, Mr Shakoor said there existed a lot of potential and opportunities for Pakistan-Azerbaijan cooperation in oil, gas and mineral sectors. "The JMC could play a vital role towards achieving the goal," he added. -APP
