Pakistan and Russia are in talks on a potential oil-sector agreement, Finance Minister Muhammad Aurangzeb told RIA news agency in remarks published on Tuesday.
“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 RIA in an interview when asked about wider cooperation in exploration, production and refining between the two countries.
“At present, the issue is being discussed by the energy ministries of both sides.”
Russia also discussed upgrading a refinery in the country with Russian companies involved, Russian Energy Minister Sergei Tsivilev had said in November.
Islamabad has stepped up engagement with Russia in recent years as Moscow sought new energy markets after Western sanctions over Ukraine, and Islamabad looked to lower import costs. Pakistan began buying Russian crude in 2023.
Aurangzeb also said Russia and Pakistan are looking into building another steel plant in Pakistan, RIA reported.
Pakistan previously received Russian crude shipments in 2023 under a government-led arrangement. The first cargo arrived at Karachi port on June 2023, when a tanker carrying 45,000 tonnes of Russian crude docked.
The government had placed the first order for 100,000 tonnes of Russian crude in April 2023 after months-long talks on the terms of the deal.
A second cargo arrived at Karachi port later in June, 2023, carrying 55,000 tonnes of discounted Russian crude, with the delay attributed to limited storage space at Pakistan Refinery Limited (PRL).
