Business

Pakistan Explores Long-Term Oil Deal with Russia

Commerce Minister Gohar Ejaz and Russian Ambassador to Pakistan Danila V. Ganich have reached an agreement to boost bilateral trade in Islamabad.

The total bilateral trade for 2022-23 amounted to $920 million, with Pakistan’s exports to Russia totaling $74 million and imports reaching $846 million. This data highlights the significant potential for an increase in trade between the two countries.

Mr. Ejaz welcomed the positive developments in bilateral trade and reiterated Pakistan’s commitment to creating a conducive environment for robust economic cooperation. This meeting marks another important step toward realizing the full potential of trade relations between Pakistan and Russia.

An official announcement issued after the meeting emphasized the commitment of both sides to strengthen cooperation and enhance the bilateral trade volume, reflecting their shared interest in reinforcing the enduring friendship and economic partnership between the two countries.

Pakistan’s exports to Russia encompass a wide range of products, including citrus fruit, leather apparel, ready-made garments, potatoes, home textiles, woven cotton fabrics, surgical and medical apparatus, woven fabric of synthetic staple fiber, and salt, among others. Key imports from Russia to Pakistan include wheat and meslin, dried leguminous vegetables, bituminous coal, and similar solid fuels manufactured from coal.

According to a Reuters report, the Russian news agency TASS recently stated that Energy Minister Mohammad Ali disclosed Pakistan’s consideration of a long-term deal to purchase between 0.7 million and one million tonnes (equivalent to up to 20,000 barrels per day) of Russian oil per year.

“Our discussions today have set the stage for a more robust economic partnership with Russia,” Mr. Ejaz commented, expressing Pakistan’s anticipation of expanding trade, exploring new avenues for cooperation, and further strengthening the enduring bonds of friendship between the two nations.

Ali Haider

Covering Defence and Politics. Writing On Pakistan, WOT, France, Syria, Afghanistan and Iraq conflicts.

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