Pakistan and Russia Explore Oil Sector Cooperation Agreement

Pakistan and Russia are in discussions for a cooperation agreement in the oil sector, including exploration, production, and refining, according to Pakistani Finance Minister Muhammad Aurangzeb. Earlier this year, Russia's Energy Minister Sergei Tsivilev indicated interest in Russian firms participating in refinery upgrades in Pakistan.

The two nations have strengthened energy ties, with Pakistan importing Russian crude since 2023, utilizing Chinese yuan for payments. In October, Pakistan's Petroleum Minister Ali Pervaiz Malik met with Gazprom at an energy forum, discussing investment opportunities.

A high-level meeting in late November focused on cooperation in oil and gas, LNG, and LPG supply. Pakistan is also advancing its exploration plans, signing five deals for oil and gas exploration and auctioning 40 offshore blocks, receiving 23 bids from four consortia, including Turkey's TPAO.