Pakistan and Russia have entered discussions on a potential oil-sector agreement, signaling a deepening of energy and industrial cooperation between the two countries, Finance Minister Muhammad Aurangzeb said in an interview with a foreign news agency.
Highlighting Russia’s expertise in the energy domain, Muhammad Aurangzeb said Pakistan was keen to collaborate across the oil value chain, including 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 was currently under discussion between the energy ministries of both countries.
The talks build on growing engagement between Islamabad and Moscow, particularly in the energy sector. Russia had earlier discussed the possibility of upgrading a refinery in Pakistan, with Russian companies expected to be involved, according to Russian Energy Minister Sergei Tsivilev, who made the remarks in November.
Pakistan has steadily increased engagement with Russia in recent years as Moscow seeks alternative energy markets following Western sanctions imposed over the Ukraine conflict. For Pakistan, the outreach aligns with efforts to diversify energy supplies and reduce import costs. The country began purchasing Russian crude oil in 2023.
Beyond energy, Aurangzeb said both sides were also exploring the possibility of setting up another steel plant in Pakistan, pointing to broader industrial cooperation ahead.
