Pakistan invites Russia to join oil, gas exploration

December 05, 2024 (MLN): Pakistan has proposed that Russia participate in oil and gas exploration on its shelf, as well as in oil refining, Deputy Energy Minister Roman Marshavin said during a meeting of the intergovernmental commission, the Interfax news agency reported.

"A protocol of the working group has been agreed upon, and all agreements are reflected in it. Stable supplies of Russian oil to Pakistan are ongoing, and all technical and financial issues are being promptly resolved by the sides. Work is underway to increase these supplies and diversify the range of products," he said.

"Yesterday, we received a rather interesting proposal from Pakistan regarding oil and gas exploration on the shelf, enhancing oil recovery at mature fields, and in oil refining. Russian companies are ready to study these proposals. We will continue the discussion with our partners," he said.

"We are also awaiting the results of Pakistan's comprehensive energy infrastructure plan, after which we will continue the dialogue, including the coal industry. Negotiations have been held between RusHydro and Power Machines and Pakistan's water and energy authorities. Five projects in hydroenergy and water management have been selected, and we have agreed to hold further talks on these topics," Marshavin said.

"We are exporting food products and agricultural goods, and expect grain supplies to resume. We positively assess the growth of Russian mineral fertilizer exports to Pakistan this year," he said.

Russia sees significant potential for cooperation in agricultural and transport engineering, he said. Domestic companies are ready to offer modern types of machinery to their Pakistani partners in these areas. Moscow has also proposed expanding cooperation in the pharmaceutical sector, particularly in insulin supplies.

The sides have agreed to work on a test shipment using the North-South international transport corridor.

Russia is ready to offer modern high-tech solutions in the fields of information security, smart cities, e-government and the Internet of Things.

Trade turnover between Russia and Pakistan reached a record $1.1 billion in 2023 and has grown 1.5-fold over the past five years.

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