Pakistan engages Russia in ongoing discussions aimed at a potential oil sector agreement, Finance Minister Muhammad Aurangzeb confirmed. The talks focus on areas such as oil exploration, production, and refining, where Russia has extensive expertise.
Speaking to Russian news agency RIA, Aurangzeb said, “All of these areas are Russia’s strengths. We would be very happy if Russia agreed on an agreement in this sector with Pakistan.” He added that Islamabad would welcome a formal deal if negotiations progressed positively.
The discussions are currently being conducted between the energy ministries of both countries. Russia has also explored opportunities to modernize a refinery in Pakistan, with Russian companies actively involved in these talks, Russian Energy Minister Sergei Tsivilev stated last November.
Pakistan engages Russia as part of its broader energy strategy to reduce fuel import costs and diversify supply sources. The country began importing Russian crude oil in 2023, strengthening bilateral energy ties amid global market challenges.
In addition to oil, both nations are exploring further industrial cooperation. Aurangzeb mentioned the possibility of establishing another steel plant in Pakistan, highlighting efforts to expand economic and industrial collaboration with Russia.
Experts note that Pakistan’s engagement with Russia aligns with Moscow’s search for new energy markets following Western sanctions over the Ukraine conflict. For Islamabad, closer ties with Russia could help stabilize energy imports and support long-term infrastructure development.
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Overall, Pakistan engages Russia in multiple sectors, emphasizing oil, refining, and industrial projects, with both sides showing interest in strengthening bilateral economic relations. Continued talks could lead to formal agreements benefiting energy security and industrial growth in Pakistan.
