Pakistan and Russia Forge Strategic Oil Partnership

Pakistan and Russia are negotiating a crucial agreement in the oil sector. Talks involve enhancing cooperation in exploration, production, and refining, with potential upgrades for Pakistani refineries. This engagement aligns with Russia's search for new markets post-sanctions and Pakistan's aim to reduce import costs.

In a significant development, Pakistan and Russia are negotiating a potential oil-sector agreement as disclosed by Pakistan's Finance Minister Muhammad Aurangzeb. The discussions aim to bolster cooperation in exploration, production, and refining between the two nations.

Highlighting Russia's strengths in these areas, Aurangzeb emphasized Pakistan's interest in forming a robust agreement. The ongoing talks are primarily between the energy ministries of both countries, with exploration of upgrading a refinery in Pakistan on the agenda, according to Russian Energy Minister Sergei Tsivilev.

This strategic engagement emerges as Pakistan intensifies its collaboration with Russia. The move comes as Moscow seeks new energy markets following Western sanctions due to the Ukraine conflict and Islamabad's efforts to curb import costs, marking the beginning of Russian oil purchases by Pakistan in 2023.