Finance Minister Muhammad Aurangzeb said on Tuesday that Pakistan is in talks with Russia over a possible deal in the oil sector, with talks underway between the energy ministries of both countries.
“All these areas are Russia’s strengths. And we would be very happy if Russia reached an agreement in this sector with Pakistan,” Aurangzeb told Russian news agency RIA.
According ReutersThe discussions follow ongoing engagement between the two countries in oil, gas and minerals, including the modernization of a refinery in Pakistan and the exploration of joint ventures in exploration, production and refining. Pakistan began importing Russian crude oil in 2023, with the aim of diversifying energy sources and reducing import costs.
Aurangzeb also said that Pakistan and Russia are considering building another steel plant in the country.
Read: Progress likely on major joint ventures with Russia
In October this year, Federal Minister of Petroleum Ali Pervez Malik led the Pakistani delegation at 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 of Petroleum 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 Prime Minister Shehbaz Sharif.
In the session, titled “Gas market 2025-2035: new contours in a rapidly evolving 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 featured high-level figures including Gazprom Chairman Alexey Miller, Russian Energy Minister Sergei Tsivilev and Turkish Energy Minister Alparslan Bayraktar, and discussions focused on global gas market trends, energy transition and international cooperation amid changing geopolitical realities.
Read more: Russia calls Pakistan key regional partner
On the sidelines, Malik held detailed conversations with Gazprom Chairman Alexey Miller. Both sides agreed to strengthen collaboration between Oil and Gas Development Company Limited of Pakistan and Gazprom in 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 mineral sectors, including technology transfers and digital solutions to improve exploration and production efficiency.
In a separate meeting with Turkey’s Energy and Natural Resources Minister Alparslan Bayraktar, Malik discussed trilateral cooperation in energy transportation, liquefied natural gas and mineral 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 investment.
SPIGF, one of the world’s largest energy industry events, brought together more than 30,000 participants from 50 countries and presented more than 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 connectivity, including the development of a trade corridor linking Russia, Central Asia, Afghanistan and Pakistan. Prime Minister Sharif praised Russia’s role in strengthening bilateral ties, noting that Pakistan’s imports of Russian crude oil 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 SPIGF builds on his engagement at the St. Petersburg International Economic Forum (SPIEF) 2025, where he unveiled Pakistan’s Mining Framework Policy and highlighted the completion of the Reko Diq feasibility study. He emphasized that Pakistan’s mineral wealth, including copper, gold, lithium and rare earths, offers significant opportunities for sustainable development under clear regulatory frameworks.
