Federal Minister for Finance Muhammad Aurangzeb said on Tuesday, in an interview with a news agency, that Pakistan and Russia are in discussions over a possible agreement in the oil sector.
Answering a question about broader cooperation between the two countries in oil exploration, production, and refining, the finance minister said that these areas are among Russia’s strengths, and Pakistan would welcome an agreement with Russia in this sector. He added that the matter is currently under discussion between the energy ministries of both countries.
It is noteworthy that Russian Energy Minister Sergei Tsivilyov said in November that Russia had also held talks with relevant Russian companies regarding the upgrading of a refinery in Pakistan.
Pakistan has strengthened its relations with Russia in recent years, as Moscow has been seeking new energy markets following Western sanctions imposed over the Ukraine conflict, while Islamabad aims to reduce its import costs. Pakistan began purchasing Russian crude oil in 2023.
According to an RIA report, the finance minister also said that Russia and Pakistan are considering the establishment of another steel plant in Pakistan.
