Web Desk

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

Pakistan TV Satellite

ISLAMABAD: Dr Roxolana Zigon, director of Center of International and Strategic Research Moscow, has expressed the hope that Shanghai Cooperation Organisation (SCO) Summit in Moscow becomes the gateway to new initiatives and fresh dialogues between Russia and Pakistan with regards to connectivity, trade, investments, technological exchange, enhancements and more. Talking exclusively to Pakistan TV, Dr Roxolana Zigon said Pakistan&rsquo;s Deputy Prime Minister and Foreign Minister Ishaq Dar was received by Russian Deputy Foreign Minister Mikhail Galuzin and both leaders discussed new frameworks and avenues for development of relations between Russia and Pakistan.&nbsp; She said ties between the two countries were clearly entering a new chapter and new beginning. The Russian expert said during the last SCO summit held in China, it was announced that Pakistan will host the next SCO Summit.&nbsp; &ldquo;Therefore, we should expect new steps and further promotion of the dialogue,&rdquo; Dr Roxolana Zigon said.

SAT News Desk

Russian analyst Dr. Roxolana Zigon says the SCO Summit in Moscow could boost Russia-Pakistan ties, noting high-level meetings, growing cooperation, and expectations for further dialogue as Pakistan prepares to host the next summit.

Articles tagged with "Shanghai Cooperation Organisation"

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

Russian expert hopes SCO summit serves as gateway to new initiatives between Islamabad and Moscow