- Cooperation explored in exploration, manufacturing and refining.
- Russia additionally discusses upgrading a Pakistani refinery.
- Islamabad has stepped up engagement with Russia in recent times.
Pakistan and Russia are in talks on a possible oil-sector settlement, Finance Minister Muhammad Aurangzeb instructed RIA information company in remarks revealed on Tuesday.
“All of those areas are Russia’s strengths. And we might be very joyful if Russia agreed on an settlement on this sector with Pakistan,” Aurangzeb instructed RIA in an interview when requested about wider cooperation in exploration, manufacturing and refining between the 2 nations.
“At current, the problem is being mentioned by the vitality ministries of either side.”
Russia additionally mentioned upgrading a refinery within the nation with Russian firms concerned, Russian Vitality Minister Sergei Tsivilev had mentioned in November.
Islamabad has stepped up engagement with Russia in recent times as Moscow sought new vitality markets after Western sanctions over Ukraine, and Islamabad seemed to decrease import prices. Pakistan started shopping for Russian crude in 2023.
Aurangzeb additionally mentioned Russia and Pakistan are trying into constructing one other metal plant in Pakistan, RIA reported.
Pakistan beforehand acquired Russian crude shipments in 2023 beneath a government-led association. The primary cargo arrived at Karachi port on June 2023, when a tanker carrying 45,000 tonnes of Russian crude docked.
The federal government had positioned the primary order for 100,000 tonnes of Russian crude in April 2023 after months-long talks on the phrases of the deal.
A second cargo arrived at Karachi port later in June, 2023, carrying 55,000 tonnes of discounted Russian crude, with the delay attributed to restricted space for storing at Pakistan Refinery Restricted (PRL).
