Finance Minister Muhammad Aurangzeb said on Tuesday that Pakistan is in talks with Russia on a potential oil sector deal, with discussions underway between the energy ministries of both countries.
“All these areas are Russia’s strengths. And we would be very happy if Russia agreed on an agreement in this sector with Pakistan,” Aurangzeb told Russian news agency RIA.
According to Reutersthe discussions follow ongoing engagement between the two countries in oil, gas and minerals, including upgrading a refinery in Pakistan and exploring joint ventures in exploration, production and refining. Pakistan began importing Russian crude oil in 2023 with the aim of diversifying energy sources and lowering import costs.
Aurangzeb also said that Pakistan and Russia are considering building another steel plant in the country.
Read: Progress on major JVs with Russia likely
In October this year, Federal Petroleum Minister Ali Pervez Malik led Pakistan’s 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 mineral sectors.
Federal Minister for Petroleum Ali Pervez Malik represented Pakistan at the plenary session of the St Petersburg International Gas Forum (SPIGF) 2025, held from 7-10 October, where he highlighted the country’s energy reforms and investor-friendly policies under Prime Minister Shehbaz Sharif.
At the session, titled “Gas Market 2025-2035: New Contours in a Fast-Moving Environment,” Malik told global industry leaders that Pakistan was striving for energy diversification and transparency to attract international investors and ensure long-term sustainability. The forum featured dignitaries including Gazprom Chairman Alexey Miller, Russian Energy Minister Sergei Tsivilev and Turkish Energy Minister Alparslan Bayraktar, with discussions centered on global gas market trends, energy transition and international cooperation amid changing geopolitical realities.
Read more: Russia calls Pakistan an important regional partner
On the sidelines, Malik held detailed discussions with Gazprom chairman Alexey Miller. Both sides agreed to strengthen cooperation between Pakistan’s Oil and Gas Development Company Limited and Gazprom in exploration, joint ventures and infrastructure development. Malik also met senior executives from Rusgeo, the Russian Geological Survey and artificial intelligence energy company Nedra Digital to discuss Russian investment opportunities in Pakistan’s energy and minerals sectors, including technology transfer and digital solutions to improve exploration and production efficiency.
In a separate meeting with Turkey’s Minister of Energy and Natural Resources, Alparslan Bayraktar, Malik discussed trilateral cooperation in energy transportation, liquefied natural gas and mineral development. He highlighted Pakistan’s reform agenda and invited international investors to participate in the upcoming Pakistan Minerals Investment Forum, calling it a reflection of Pakistan’s commitment to becoming a key resource-based investment destination.
SPIGF, one of the world’s leading energy industry events, gathered more than 30,000 attendees from 50 countries with over 100 sessions on natural gas development, exploration technologies, digital transformation and sustainable energy systems.
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Malik’s visit follows the September meeting between Prime Minister Shehbaz Sharif and Russian President Vladimir Putin in Beijing, where both leaders reaffirmed their commitment to expanding cooperation in energy, trade and regional relations, including the development of a trade corridor linking Russia, Central Asia, Afghanistan and Pakistan. Prime Minister Sharif had praised Russia’s role in strengthening bilateral ties, noting that Pakistan’s imports of Russian crude had significantly increased trade volume last year, while Putin described Pakistan as a “traditional and valued partner in Asia” and expressed optimism about expanding economic cooperation.
Malik’s participation at SPIGF builds on his commitment to 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 emphasized that Pakistan’s mineral wealth, including copper, gold, lithium and rare earth elements, offers significant opportunities for sustainable development under clear regulatory frameworks.
