Pakistan eyes long-term oil deal with Russia
Commerce Minister Gohar Ejaz and Russian Ambassador to Pakistan Danila V. Ganich have agreed to increase bilateral trade. An official announcement issued after the meeting said both sides reaffirmed their commitment to fostering stronger cooperation to increase the bilateral trade volume. This commitment reflects the shared interest in fortifying the enduring friendship and economic partnership between the two countries. According to a Reuters report, the Russian news agency TASS on Thursday reported that Energy Minister Mohammad Ali had said that Pakistan was considering signing a long-term deal to buy between 0.7 million and one million tonnes (up to 20,000 barrels per day) of Russian oil per year. The total bilateral trade amounted to $920 million in 2022-23. Pakistan’s exports to Russia totalled $74 million, while imports reached $846m. This shows that there is a bigger scope for increasing the volume of trade between the two countries.