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Azerbaijan signs oil supply agreement with Bangladesh

01 June 2026 15:26 (UTC +04:00)

Bangladesh has signed an oil supply agreement with SOCAR, Bangladesh's Minister of Energy and Mineral Resources, Iqbal Hassan Mahmood, stated during the ministerial-level plenary session held within the framework of the 31st Baku Energy Forum, APA-Economics reports.

According to the minister, Bangladesh is expanding cooperation with new partners to strengthen energy security and diversify supply sources.

“We have signed an agreement with SOCAR for the purchase of petroleum products. At the same time, we are also discussing LNG supplies,” he noted.

I. H. Mahmood stated that Bangladesh is forced to increase LNG imports because domestic natural gas production does not fully meet internal demand. According to him, rising LNG prices in global markets are creating an additional burden on the state budget.

The minister added that Bangladesh aims to create 10,000 MW of solar power capacity by 2030. This should help reduce dependence on energy imports and ease pressure from subsidies.

Rahim Tariverdiyev

Bangladesh SOCAR Azerbaijan oil supply agreement petroleum products LNG liquefied natural gas Iqbal Hassan Mahmood energy security energy diversification Baku Energy Forum 31st Baku Energy Forum natural gas LNG imports global energy markets solar energy renewable energy energy imports energy cooperation Bangladesh-Azerbaijan relations