DAVOS: The State Oil Company of the Republic of Azerbaijan (SOCAR) is set to finalise its investment in Pakistan’s oil and gas sector in February, following a high-level business roundtable chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on the sidelines of the World Economic Forum (WEF) Annual Meeting.
According to an official statement issued on Thursday, the announcement was made by SOCAR President Rovshan Najaf during his engagement with the finance minister. Najaf said SOCAR views Pakistan as a long-term energy partner, citing the country’s market depth, rising energy demand and ongoing reforms in the oil and gas sector.
He highlighted SOCAR’s existing commercial presence in Pakistan through SOCAR Trading, operating 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 demand management. The LNG framework has been extended through 2025, reflecting sustained bilateral cooperation.
Najaf also referred to SOCAR’s engagement with Pakistan State Oil (PSO) for the supply of petroleum products and expressed interest in expanding collaboration across the entire oil and gas value chain as sector reforms progress.
Outlining SOCAR’s global footprint, he said the state-owned energy company 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. He described SOCAR as a peer national energy company from an emerging economy with relevant international experience.
Welcoming the planned investment, Senator Aurangzeb reaffirmed the government’s commitment to attracting commercially viable investment in the oil, gas and mining sectors. He said ongoing reforms are focused on enhancing pricing transparency, contractual clarity and risk-sharing mechanisms to support sustained private-sector participation.
Separately, the finance minister met Bill Gates on the sidelines of the WEF meeting. According to a press release, discussions focused on Pakistan’s reform agenda, public health priorities and continued cooperation with the Gates Foundation. Aurangzeb acknowledged the Foundation’s contribution to polio eradication and efforts to strengthen service delivery, while Gates emphasised the need for sustained coordination with provincial authorities to eliminate the disease.
Aurangzeb also thanked Gates for supporting the digitisation of Pakistan’s taxation system, describing it as central to domestic resource mobilisation. Gates noted that efficient digital tax systems can significantly strengthen governance and public service delivery.
A day earlier, speaking at a WEF panel on global debt, Aurangzeb underscored the importance of fiscal discipline, productive use of debt and export-led growth, stating that debt is not inherently negative if deployed efficiently toward export-generating investments. He stressed that sustainable growth depends on disciplined fiscal management, climate resilience and effective execution rather than access to debt alone.
