Finance Minister Muhammad Aurangzeb on Tuesday said Pakistan is in talks with Russia on a potential oil-sector agreement, with discussions underway between the energy ministries of both countries.
“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,” Aurangzeb told Russian news agency RIA.
According to Reuters, the discussions follow ongoing engagement between the two countries in oil, gas, and minerals, including upgrading a refinery in Pakistan and exploring joint ventures in exploration, production, and refining. Pakistan began importing Russian crude oil in 2023, aiming to diversify energy sources and lower import costs.
Aurangzeb also said Pakistan and Russia are considering building another steel plant in the country.
Read: Progress on major JVs with Russia likely
In October this year, Federal Minister for Petroleum Ali Pervez Malik led Pakistan’s delegation to the 14th St Petersburg International Gas Forum 2025, where he held a series of high-level meetings aimed at strengthening cooperation with Russia in the oil, gas, and minerals sectors.
