Pakistan has offered Russia to participate in the divestment of government’s shareholding in the country’s largest state-run oil and gas explorers – Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) – and become a strategic partner by acquiring shares.
Pakistan has also asked Russia to become equity partner in Pakistan Refinery Limited (PRL), a subsidiary of Pakistan State Oil. Interested Russian companies may consider equity participation and/or getting engineering, procurement and construction (EPC) contract for the revamp and upgrade of the refinery.
Both sides have welcomed the readiness of Russian firm Zarubezhneft and Pakistan’s OGDC, PPL and Mari Petroleum for negotiations on implementing joint investment projects for the development of oil and gas fields.
Pakistan’s oil and gas companies will come up with proposals for specific projects, which the Russian firm will consider for investment decision.
Pakistan and Russia signed a protocol on December 10, a copy of which is available with The Express Tribune, following the seventh meeting of the Russia-Pakistan Working Group on Energy Cooperation during the visit of a Russian delegation to Islamabad.
The Russian side was headed by Talyat Aliev, Deputy Head, International Department of the Ministry of Energy. Pakistan’s side was led by Syed Tauqir Hussain, Joint Secretary International and Joint Venture Wing, Ministry of Energy (Petroleum Division).
The two sides discussed the development of cooperation in the energy sphere and expressed the desire to strengthen and deepen it. During talks, consensus was reached on some areas of cooperation.