Pakistan, Russia in Talks Over Oil Exploration Agreement: Finance Minister Aurangzeb

**Islamabad:** Pakistan and Russia are holding discussions on a potential agreement for cooperation in the oil sector, including oil exploration, production, and refining, Finance Minister Muhammad Aurangzeb has said.

In an interview with Russian news agency **RIA**, the finance minister stated that the matter is currently under consideration at the level of the **energy ministries of both countries**, where detailed consultations are ongoing.

Aurangzeb noted that Russia possesses significant expertise in oil exploration, production, and refining, and Pakistan views cooperation in these areas as important. He added that if Russia agrees to enter into an oil-sector agreement with Pakistan, it could prove beneficial for both sides.

According to RIA, the finance minister emphasized that discussions are still at an **initial stage**, with both countries evaluating various aspects of potential cooperation.

Earlier, in November, Russian Energy Minister **Sergei Tsivilev** had also indicated that talks were held regarding the **modernization of an oil refinery in Pakistan** with the participation of Russian companies.

This development is being seen as part of the growing energy ties between Pakistan and Russia. In recent years, Pakistan has expanded its engagement with Russia, particularly after Western sanctions following the Ukraine war pushed Moscow to seek new energy markets, while Pakistan looks for alternatives to reduce the cost of imported fuel. In this context, Pakistan began purchasing **Russian crude oil in 2023**.

Aurangzeb also revealed that both countries are considering the possibility of establishing a **new steel plant in Pakistan**. He said Pakistan is now prioritizing **trade and investment over foreign aid**, and expanding cooperation with Russia aligns with this policy direction.