Finance Minister Muhammad Aurangzeb said on Tuesday that Pakistan was in talks with Russia over a possible deal in the oil sector, with discussions underway between the two countries’ energy ministries.
“All these areas constitute Russia’s strength. And we would be very happy if Russia concluded an agreement in this sector with Pakistan,” Aurangzeb told Russian news agency RIA.
According to ReutersThe discussions follow continued engagement between the two countries in the areas of oil, gas and minerals, including the upgrading of a refinery in Pakistan and the exploration of joint ventures in the areas of exploration, production and refining. Pakistan began importing Russian crude oil in 2023, aiming to diversify energy sources and reduce import costs.
Aurangzeb also said that Pakistan and Russia were planning to build another steel plant in the country.
Read: Progress likely on major joint ventures with Russia
In October this year, Federal Oil Minister Ali Pervez Malik led the Pakistani delegation to the 14th St. Petersburg International Gas Forum 2025, where he held a series of high-level meetings aimed at strengthening cooperation with Russia in the oil, gas and minerals sectors.
Federal Minister for Oil Ali Pervez Malik represented Pakistan at the plenary session of the St. Petersburg International Gas Forum (SPIGF) 2025, held from October 7 to 10, where he highlighted the country’s energy reforms and investor-friendly policies under the leadership of Prime Minister Shehbaz Sharif.
During the session entitled “Gas market 2025-2035: new contours in a rapidly changing environment”, Malik told global industry leaders that Pakistan was pursuing energy diversification and transparency to attract international investors and ensure long-term sustainability. The forum brought together high-profile figures including Gazprom Chairman Alexey Miller, Russian Energy Minister Sergei Tsivilev and Turkish Energy Minister Alparslan Bayraktar with discussions focused on global gas market trends, energy transition and international cooperation against the backdrop of changing geopolitical realities.
Learn more: Russia considers Pakistan a key regional partner
On the sidelines, Malik held in-depth discussions with Gazprom Chairman Alexei Miller. Both sides agreed to strengthen collaboration between Pakistan’s Oil and Gas Development Company Limited and Gazprom in the areas of exploration, joint ventures and infrastructure development. Malik also met with senior executives from Rusgeo, the Russian Geological Survey and energy artificial intelligence company Nedra Digital to discuss Russian investment opportunities in Pakistan’s energy and minerals sectors, including technology transfers and digital solutions to improve the efficiency of exploration and production.
In a separate meeting with Turkish Minister of Energy and Natural Resources Alparslan Bayraktar, Malik discussed trilateral cooperation in the fields of energy transportation, liquefied natural gas and mining development. Highlighting Pakistan’s reform agenda, he invited international investors to participate in the upcoming Pakistan Minerals Investment Forum, calling it a reflection of Pakistan’s commitment to becoming a key destination for resource-based investments.
SPIGF, one of the world’s leading energy industry events, brought together more than 30,000 participants from 50 countries, with more than 100 sessions on natural gas development, exploration technologies, digital transformation and sustainable energy systems.
Read also: Russian Finance Ministry proposes VAT increase to finance war in Ukraine
Malik’s visit follows the September meeting between Prime Minister Shehbaz Sharif and Russian President Vladimir Putin in Beijing, during which the two leaders reaffirmed their commitment to expanding cooperation in energy, trade and regional connectivity, including developing a trade corridor linking Russia, Central Asia, Afghanistan and Pakistan. Prime Minister Sharif praised Russia’s role in strengthening bilateral relations, pointing out that Pakistan’s imports of Russian crude last year had significantly increased trade volumes, while Putin described Pakistan as a “traditional and valued partner in Asia” and expressed optimism about expanding economic collaboration.
Malik’s participation in the SPIGF builds on his engagement at the St. Petersburg International Economic Forum (SPIEF) 2025, where he unveiled Pakistan’s mining policy framework and highlighted the completion of the Reko Diq feasibility study. He highlighted that Pakistan’s mineral wealth, including copper, gold, lithium and rare earths, offers significant opportunities for sustainable development under clear regulatory frameworks.
