Pakistan and Russia are in discussions over a possible oil-sector agreement as the two countries explore broader cooperation in energy, Pakistan’s Finance Minister Muhammad Aurangzeb has said.
Speaking to Russia’s RIA news agency in an interview published on Tuesday, Aurangzeb said Pakistan was keen to collaborate with Russia in areas such as exploration, production and refining. “All of these areas are Russia’s strengths, and we would be very happy if Russia agreed on an agreement in this sector with Pakistan,” he said, adding that the matter is currently under discussion between the energy ministries of both countries.
Russia has also held talks on upgrading a refinery in Pakistan, with Russian companies participating in the discussions, Russian Energy Minister Sergei Tsivilev said in November.
Pakistan has intensified engagement with Russia in recent years, as Moscow seeks alternative energy markets amid Western sanctions over the Ukraine conflict, while Islamabad aims to reduce its energy import costs. Pakistan began purchasing Russian crude oil in 2023.
Aurangzeb further said that both sides are also exploring the possibility of establishing another steel plant in Pakistan, according to the RIA report.
By Reuters
