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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 Russia on Tuesday reaffirmed their commitment to deepen coordination at major multilateral platforms, including the United Nations and the Shanghai Cooperation Organization (SCO), as Pakistan Foreign Minister Ishaq Dar met his Russian counterpart, Sergey Lavrov, in Moscow, said a press release issued by Pakistan&rsquo;s Ministry of Foreign Affairs on Friday. The meeting at the Russian Ministry of Foreign Affairs saw both leaders review the state of bilateral ties and express satisfaction over what the statement called their &ldquo;positive trajectory.&rdquo; The statement added that Dar and Lavrov &ldquo;noted the key role of leadership-level engagement and institutional mechanisms in advancing cooperation.&rdquo; Dar thanked Lavrov for the &ldquo;warm welcome and excellent hospitality,&rdquo; while also congratulating him on Russia&rsquo;s &ldquo;successful holding of the SCO meeting,&rdquo; the statement said. The two ministers also discussed current regional and global developments, reaffirming their resolve to &ldquo;further strengthen coordination at multilateral fora, including the UN and the SCO.&rdquo; Prior to the meeting with Lavrov, Dar delivered Pakistan&rsquo;s national statements during the SCO&rsquo;s Narrow and Expanded Format sessions and held several high-level interactions on the sidelines, reiterating Islamabad&rsquo;s commitment to deeper regional cooperation. Dar, who also serves as Pakistan&rsquo;s deputy prime minister, held a separate bilateral meeting with Russian Deputy Prime Minister Alexei Overchuk, during which the two leaders reviewed the full spectrum of Pakistan-Russia relations, focusing on political, economic, energy, connectivity, agricultural, industrial, and educational, as well as people-to-people, sectors. Dar conveyed greetings from Pakistan&rsquo;s leadership and underlined &ldquo;the importance of enhanced high-level engagement&rdquo; with Moscow. Overchuk, recalling his 2024 visit to Islamabad, remarked that Pakistan had &ldquo;tremendous potential to emerge as a regional hub for transit trade and connectivity.&rdquo; He also welcomed Pakistan&rsquo;s establishment of diplomatic ties with Armenia, saying it would bolster engagement with the Eurasian Economic Union. Both sides agreed to maintain real-time diplomatic contacts and reaffirmed their commitment to deeper cooperation at the UN and the SCO. The latest engagements come as Russia has signaled its willingness to assist Pakistan and Afghanistan in resolving differences through political and diplomatic means. Earlier this month, Islamabad and Moscow also held the inaugural round of bilateral consultations on &ldquo;Security Issues in Asia,&rdquo; during which they discussed the regional security landscape, including the Asia-Pacific.

Foreign Affairs

Leaders discuss Pak-Russia bilateral relations, express satisfaction at their positive trajectory; note key role of leadership-level engagement and institutional mechanisms in advancing cooperation.

Articles tagged with "Pakistan Russia ties"

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

Pakistan, Russia vow stronger multilateral coordination at UN, SCO forums