Baku: 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 Azeri-Press News Agency, Bangladesh is expanding cooperation with new partners to strengthen energy security and diversify supply sources. The minister highlighted the agreement with SOCAR for the purchase of petroleum products and mentioned ongoing discussions regarding LNG supplies.

I. H. Mahmood emphasized Bangladesh's need to increase LNG imports due to insufficient domestic natural gas production to meet internal demand. He pointed out that rising LNG prices in global markets are placing an additional burden on the state budget.

The minister also shared Bangladesh's goal to create 10,000 MW of solar power capacity by 2030. This initiative aims to reduce dependence on energy imports and alleviate the pressure from subsidies.