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ISLAMABAD: Pakistan is pursuing an agreement with Russia on oil and gas exploration and refinery modernization as bilateral trade between the countries more than doubled last year, Pakistan&#39;s Finance Minister Muhammad Aurangzeb said on Tuesday. In an interview with the Russian state-owned channel, RIA Novosti, at the Momentum conference in Riyadh, Aurangzeb said that &quot;All these areas are the strengths of Russia. And we would be very happy if they agreed on an agreement in this industry with Pakistan.&quot; The State Bank of Pakistan data shows trade volume between the two countries rose to $1.81 billion in the fiscal year ending June 2024. It was largely driven by imports of discounted Russian crude oil. Russian Energy Minister Sergei Tsivilev said in November 2024 that Russia is discussing the possibility of Russian companies participating in a project to modernize a refinery in Pakistan, according to Pakistan&rsquo;s Ministry of Energy. He stated that the two countries would continue cooperation in hydrocarbon exploration and development. Aurangzeb identified energy, oil and gas, minerals, and mining as the main areas of trade potential. He noted Pakistan&#39;s interest in a steel plant project, noting that the country&#39;s previous large steel facility was built with Russian support. He stated that Pakistan aims to attract foreign investment by ensuring macroeconomic stability. The country&#39;s foreign exchange reserves now &ldquo;cover imports for two and a half months&rdquo; and are &ldquo;approaching a three-month&rdquo; indicator. Aurangzeb also said Pakistan is an active member of the Shanghai Cooperation Organization and has expressed interest in joining BRICS. He mentioned that Pakistan was studying alternative payment systems as relations with BRICS develop. Pakistan&#39;s Minister for Petroleum, Ali Pervez Malik, has held meetings with heads of Gazprom and ROSGEO to boost cooperation during his visit to Russia for the 14th St Petersburg International Gas Forum in October 2025. Both sides agreed to improve the partnership between Pakistan&#39;s state-owned Oil and Gas Development Company Limited and Gazprom. Similarly, the 10th session of the Russian-Pakistani Intergovernmental Commission focused on expanding trade, easing customs barriers, and advancing new joint projects. Russian Consul-General Andrey V. Federov said in July that Russia seeks to double the volume of bilateral trade with Pakistan.

Economy

Finance Minister Muhammad Aurangzeb says Pakistan is pursuing Russian oil and gas exploration agreements and refinery modernization, as bilateral trade surges, driven by discounted oil imports and cooperation.

Pakistan in talks with Russia on oil sector agreement: Finance minister

ISLAMABAD: Pakistan and the United Kingdom (UK) have reaffirmed their commitment to deeper cooperation on economic reforms, governance improvements and development priorities during a meeting in Islamabad between Finance Minister Muhammad Aurangzeb and UK Minister for Development Baroness Chapman, the Finance Division said on Tuesday.&nbsp;According to the ministry&rsquo;s statement, &ldquo;Both sides exchanged views on Pakistan&rsquo;s macroeconomic stabilization efforts and the Government&rsquo;s commitment to structural reforms in taxation, energy, state-owned enterprises, public finance management, and privatization.&rdquo;&nbsp;Aurangzeb thanked the UK for its backing at the International Monetary Fund, saying that support &ldquo;contributed to the successful completion of Pakistan&rsquo;s program reviews.&rdquo;&nbsp;He outlined progress on broadening the tax base, improving transparency through technology, and pushing governance reforms.&nbsp;The minister also highlighted work under way on energy-sector efficiencies, debt management, public-sector right-sizing, pension reform and fiscal sustainability aimed at creating space for social-sector spending.&nbsp;The discussion also covered Pakistan&rsquo;s devolved governance system, with both sides stressing the need for stronger federal&ndash;provincial coordination to boost investment in health, education, population management and climate resilience.&nbsp;Aurangzeb emphasized aligning development spending with national priorities and accelerating programs supported by the World Bank and other partners.&nbsp;Both delegations reviewed women&rsquo;s economic participation, demographic pressures and policy options for family planning and social-protection measures.&nbsp;The statement said, &ldquo;Baroness Chapman reaffirmed the United Kingdom&rsquo;s readiness to provide technical assistance, regulatory support, and capacity-building under ongoing partnerships, particularly in areas such as digitalization, governance reforms, investment climate improvement, and ease of doing business.&rdquo;&nbsp;It added that both sides reiterated their commitment &ldquo;to strengthening the long-standing partnership&rdquo; and agreed to continue close cooperation on shared development goals. Pakistan also welcomed prospects for expanded collaboration on economic management, climate and population policy, and financial-sector reforms.

Foreign Affairs

Pakistan’s Finance Minister met the UK’s Development Minister in Islamabad to discuss economic reforms, governance, and development priorities. Both sides agreed on macroeconomic stabilization, social-sector investment, women’s participation, federal–provincial coordination, and continued UK technical support.


Articles tagged with "Finance Minister Muhammad Aurangzeb"

Pakistan in talks with Russia on oil sector agreement: Finance minister

Pakistan, UK vow deeper cooperation on reforms, governance, development priorities