Russia and Pakistan Sign Eight Agreements to Strengthen Trade and Economic Relations

Google images

Pakistan and Russia signed eight agreements on Wednesday to strengthen trade and economic cooperation between the two countries, The Caspian Post reports citing foreign media.

The agreements were finalised during a ceremony held in Moscow, where the 9th Intergovernmental Commission meeting took place.

Federal Minister for Energy Owais Ahmed Leghari led the Pakistani delegation at the talks, which underscored the growing cooperation between the two nations.

Speaking at the event, Leghari remarked, "Pakistan-Russia cooperation is progressing steadily, and these agreements will further deepen our collaboration in various sectors."

The agreements encompass a range of initiatives, including industrial cooperation and the production of insulin. A Memorandum of Understanding (MoU) was also signed between New Tech, a Pakistani entity, and a Russian university to promote academic and technological exchange.

No crude oil deal with Russia

Despite these developments, Federal Minister for Petroleum Dr Musadik Masood Malik reiterated that no agreement had been reached with Russia regarding the purchase of crude oil.

Addressing the media in Islamabad, Malik dismissed reports of a deal, stating, "The news about crude oil agreements with Russia is baseless. No conclusion has been reached on this matter."

Malik also shared updates on Pakistan's LNG situation, noting a surplus of liquefied natural gas due to decreased demand from private-sector power plants. "We have postponed five LNG cargoes and are considering delaying five more, given the reduced costs and surplus supply in the international market," he added.

Regarding the Iran-Pakistan gas pipeline project, Malik expressed Pakistan’s willingness to proceed if international sanctions on Iran were relaxed. However, he refrained from discussing the matter in detail.