Pakistan LNG Limited (PLL) and SOCAR Trading Company, which is the international marketing arm of the State Oil Company of Azerbaijan Republic, have signed an agreement to procure LNG cargoes. The agreement will be valid for one year and can be extended for another year. The Prime Minister of Pakistan, Shehbaz Sharif, praised President Ilham Aliyev of Azerbaijan and highlighted the bilateral cooperation between the two countries. This deal is important for Pakistan to ensure energy security, as the country has been struggling to secure LNG bids from international markets due to high prices. Under the agreement, SOCAR will supply one LNG cargo per month to Pakistan on flexible terms and with a credit line for 30 days. This agreement is expected to strengthen regional integration and cooperation and enhance energy security for Pakistan. The Prime Minister also mentioned that the recent electricity tariff hike was a condition of the IMF program. However, there will be no increase in rates for customers consuming 0 to 200 units of electricity, which make up 63% of household consumers, and partial subsidies will be provided to 31% of household consumers.
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