ISLAMABAD – Pakistan and Turkey signed five landmark memorandums of understanding (MoUs) worth $5 billion, aiming to boost energy cooperation and trade.
The agreements were finalised during the visit of Turkey’s Minister of Energy and Natural Resources, Alparslan Bayraktar. Pakistan’s Prime Minister Shehbaz Sharif personally attended the signing ceremony, alongside key officials including Chief of Army Staff Field Marshal Asim Munir and Petroleum Minister Ali Pervaiz Malik.
The MoUs cover oil and gas exploration, transfer of petroleum rights, and equity participation in Pakistan’s power sector. They include the Eastern Offshore Indus C Deed of Assignment, Petroleum Concession Agreements for Ziarat North Block and Sukkur Porto Block, and Deep Petroleum Agreements for B Block and Deep Offshore Block.
Turkish companies are set to invest heavily in Pakistan’s energy sector, marking a significant step toward regional energy security and economic growth. These partnerships are expected to modernize Pakistan’s energy landscape and create new opportunities for collaboration.
The agreements also aim to achieve the $5 billion bilateral trade target set by Prime Minister Sharif and Turkish President Recep Tayyip Erdoğan in June 2022. Trade between Pakistan and Turkey reached $1.4 billion in 2024, and officials anticipate a substantial increase following these agreements.
Prime Minister Sharif highlighted the historic nature of the MoUs, stating they symbolize strengthened strategic ties and a shared commitment to sustainable development. Officials from both countries said the partnerships will foster innovation, improve energy infrastructure, and enhance economic cooperation.
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The signing ceremony marked a new chapter in Pakistan-Turkey relations, emphasizing the importance of energy security, strategic investment, and deeper bilateral trade ties between the two nations.
