Russia, Pakistan Mull Energy Exploration JV

Russia and Pakistan discussed cooperation on oil and gas offshore exploration and refining at intergovernmental meetings this week in Moscow, the Interfax news agency reported, citing Russia's deputy energy minister.

Talks also covered the prospect of Russia supplying Pakistan with crude oil and grains, according to the report.

"Yesterday we received a rather interesting proposal from Pakistan in the area of offshore oil and gas exploration, increasing oil recovery at mature fields, and in oil refining," the deputy minister said.

"We export food and agricultural products, (and) expect the resumption of grain supplies. We positively assess the growth in exports of Russian-made mineral fertilizers to Pakistan that has emerged this year," Marshavin said, according to Interfax.

Moscow and Islamabad have been discussing long-term crude oil supply deals during recent meetings. Russia started regular oil supplies to Pakistan in 2022 as an EU embargo on Moscow's energy supplies pushed it to seek new buyers for its fuel.

"There are stable deliveries of Russian oil to Pakistan... Work is underway to increase such deliveries and diversify commodity groups," Roman Marshavin said, according to the report.

Earlier Pakistan's Petroleum Minister Musadik Malik said his government had restarted talks with Russia over crude supply, though he denied local media reports that Pakistan was closing a deal to import one cargo of crude oil from Russia each month from January.

(Reuters)