SOCAR to finalise investment in Feb

Finance minister also meets Bill Gates, highlights debt discipline, export-led growth at WEF

DAVOS:

The State Oil Company of the Republic of Azerbaijan (SOCAR) has announced that it 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 at the roundtable. Najaf said SOCAR viewed Pakistan as a long-term energy partner, citing 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 under a government-to-government LNG framework with Pakistan LNG Limited. Under the arrangement, SOCAR can supply up to one LNG cargo per month without take-or-pay obligations, providing pricing and demand flexibility. The LNG framework has been extended into 2025, reflecting continued cooperation.

Najaf also referred to SOCAR's engagement with Pakistan State Oil on petroleum product supply and expressed interest in expanding cooperation across the oil and gas value chain as reforms progress.

Outlining SOCAR's global profile, he said the state-owned company operates in more than 20 countries, employs over 66,000 people and reported revenues of about $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 experience.

Welcoming the planned investment, Aurangzeb reiterated the government's focus on attracting commercially viable investment in oil, gas and mining. He said reforms were aimed at improving pricing transparency, contractual clarity and risk-sharing 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 reform efforts, public health priorities and cooperation with the Gates Foundation. Aurangzeb acknowledged the Foundation's role in polio eradication and its engagement in strengthening service delivery. Gates stressed the need for sustained efforts to eliminate polio and discussed coordination with provincial authorities.

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 could strengthen governance and service delivery. A day earlier, Aurangzeb underscored the importance of fiscal discipline, productive use of debt and export-led growth while speaking at a WEF panel on global debt. He said debt was not inherently negative if deployed productively and directed toward export-generating investment. He said growth depended on disciplined fiscal management, climate resilience and effective execution rather than the availability of debt alone.

WITH ADDITIONAL INPUT FROM APP