Islamabad July 24 2024: Pakistan's Prime Minister Muhammad Shehbaz Sharif on Monday said that the 63% domestic consumers using up to 200 units per month would be exempted from the recent increase in power tariff.
A partial subsidy was also being given to those consuming up to 300 units per month, who were around 31% of the total domestic consumers, he added.
“Due to the toughest conditions from the International Monetary Fund (IMF), the government had to raise the electricity prices but I stressed that the burden should not be passed on to the protected segments of the society,” he said after witnessing the signing of a framework agreement between the State Oil Company of Azerbaijan Republic (SOCAR) Trading and the Pakistan LNG Limited (PLL).
The framework agreement was signed by PLL Managing Director Masood Nabi and Chief Executive Officer of SOCAR Trading Mariam Almaszade.
Minister of State for Petroleum Musadik Malik, Punjab Governor Baleegh Ur Rehman, diplomats and government officials were also present on the occasion.
Under the framework agreement, the SOCAR Trading has offered supply one cargo per month of liquefied natural gas (LNG) to Pakistan on flexible terms and with the credit line for 30 days after delivery of the cargo in one year contract which is extendable by another year.
Prime Minister Shehbaz Sharif said it was really a great day as “we are standing here as brothers from two brotherly countries – Pakistan and Azerbaijan”.
He expressed good wishes for President of Azerbaijan Ilham Aliyev whom he met in Baku few weeks ago and thanked him for finalizing the agreement.
“We had extremely productive and very fruitful discussion over there as to how to promote economic relations between the two friendly countries,” he said, adding immediately on his return to home, the Government of Pakistan accorded approval to the Azerbaijan Airline to land at Islamabad, Lahore and Karachi.
“This is a big step forward to promote tourism and investment, and exchange of delegations between the two countries.”
The prime minister also appreciated and thanked Finance Minister Ishaq Dar, Dr Musadik Malik, secretary petroleum, Pakistan’s ambassador in Azerbaijan, SOCAR Trading CEO, and PLL MD for their efforts to conclude the framework agreement.
The ambassador of Azerbaijan in Islamabad, on the occasion, said the framework agreement would help further strengthen bilateral economic relations.
He said the cooperation between the two countries remained sustainable since the start of diplomatic ties.
He said approval of giving airspace to the Azerbaijan Airline would increase the number of visitors and business delegations between the two counties.
A team of horticulture experts from Azerbaijan was arriving in Pakistan to share their first hand experience in the sector with the Pakistani authorities, he added.
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