Pakistan and Russia are in discussions over a potential oil-sector agreement, Finance Minister Muhammad Aurangzeb confirmed in an interview with RIA news agency. The talks cover areas of exploration, production, and refining, which Aurangzeb described as “Russia’s strengths.” He expressed optimism that both countries could reach an agreement to enhance energy cooperation.
“The issue is currently being discussed by the energy ministries of both sides,” Aurangzeb added. Earlier, Russian Energy Minister Sergei Tsivilev mentioned that Russian companies had explored opportunities to upgrade a refinery in Pakistan, signaling growing energy ties between Islamabad and Moscow.
In recent years, Pakistan has shifted its focus from aid to trade and investment, strengthening economic engagement with Russia. The move comes as Russia seeks new energy markets after Western sanctions over Ukraine, while Pakistan looks to reduce import costs. Islamabad began purchasing Russian crude in 2023, marking a significant step in bilateral energy cooperation.
Aurangzeb also revealed that both countries are considering building another steel plant in Pakistan, further broadening industrial collaboration. Analysts say these developments reflect Islamabad’s strategic pivot toward diversified trade partnerships and Russia’s interest in expanding its energy footprint in South Asia.
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