Russian Deputy Prime Minister Alexei Overchuk will arrive in Islamabad tomorrow on a two-day visit. Several agreements on G2G will be signed between Pakistan and Russia in trade, energy, finance and industry.
According to sources, the Russian Deputy Prime Minister will also meet President Asif Ali Zardari and Prime Minister Shehbaz Sharif and discuss trade and economic cooperation in the meeting.
According to the sources, the Deputy Prime Minister will be accompanied by several Deputy Ministers of the Russian Government. This will be the highest visit by an official of the Russian Federation in many years.
There will be a follow-up to the talks between Prime Minister Shehbaz Sharif and Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organization summit in Kazakhstan.
The three-pronged strategy for Pakistan-Russia energy cooperation last year is as follows: (i) crude oil procurement (ii) LNG procurement and (iii) development of gas infrastructure in Pakistan.
Giving details about crude oil procurement, sources said that Pakistan had successfully imported crude oil from Russia last year with an initial shipment of 100,000 metric tonnes. Prime Minister Shehbaz Sharif termed the arrival of the Russian cargo ship as a ‘day of change’.
The Russian side accepted an unconfirmed letter of credit (LC) for purchases at the time, with none of the other major oil suppliers providing this flexibility.
Cnergyico has procured oil from Russia on Business to Business (B2B) basis in Pakistan. Payments were made in yuan through Chinese banks, but crude oil imports have been suspended due to payment problems.
The government of Pakistan is likely to review its strategy on the Stream Gas Pipeline project as key issues to be addressed in the project include financing and identification of gas sources.
Russia has also proposed to work on a pipeline from Iran to Pakistan and beyond to India. The Russian side said during talks at Energy Week last year that it had discussed the proposal with India. The idea was to develop an agreement similar to the Indus Basin Agreement between the two neighboring countries and that India was open to further discussions on the idea.
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2024-09-17 13:38:45
– What agreements are expected to be signed during Alexei Overchuk’s visit to Pakistan?
Table of Contents
Russian Deputy Prime Minister Alexei Overchuk to Strengthen Pakistan-Russia Ties with Landmark Visit
Islamabad is set to welcome Russian Deputy Prime Minister Alexei Overchuk tomorrow, marking a significant milestone in the strengthening of Pakistan-Russia relations. The two-day visit is expected to pave the way for the signing of several agreements between the two nations, focusing on trade, energy, finance, and industry.
High-Level Talks and Diplomacy
During his stay, Overchuk is scheduled to meet with President Asif Ali Zardari and Prime Minister Shehbaz Sharif, where they will engage in in-depth discussions on trade and economic cooperation. The Russian Deputy Prime Minister will be accompanied by several Deputy Ministers of the Russian Government, making this the highest-level visit by an official of the Russian Federation in many years.
Follow-up to Shanghai Cooperation Organization Summit
The upcoming visit is a follow-up to the talks between Prime Minister Shehbaz Sharif and Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Kazakhstan. The meeting is expected to build upon the existing momentum in bilateral relations, exploring avenues for further cooperation and collaboration.
Pakistan-Russia Energy Cooperation
One of the key areas of focus will be energy cooperation, with a three-pronged strategy in place. This includes:
- Crude Oil Procurement: Pakistan has successfully imported crude oil from Russia in the past, with an initial shipment of 100,000 metric tonnes. Prime Minister Shehbaz Sharif termed the arrival of the Russian cargo ship as a ‘day of change’. The Russian side accepted an unconfirmed letter of credit (LC) for purchases, offering flexibility that other major oil suppliers did not provide.
- LNG Procurement: Lahore-based company, Cnergyico, has procured oil from Russia on a Business-to-Business (B2B) basis. Payments were made in yuan through Chinese banks. However, crude oil imports have been suspended due to payment problems, which the government of Pakistan is likely to review and address.
- Development of Gas Infrastructure in Pakistan: This aspect of the strategy aims to enhance the country’s energy infrastructure, ensuring a stable and efficient supply of energy resources.
Strengthening Economic Ties
The visit of the Russian Deputy Prime Minister is expected to further strengthen the economic ties between Pakistan and Russia. With a focus on Government-to-Government (G2G) agreements, the two nations are poised to make significant strides in trade, energy, finance, and industry. This cooperation is likely to have a positive impact on the economies of both countries, creating new opportunities for businesses and investors alike.
A New Era of Cooperation
The upcoming visit of Russian Deputy Prime Minister Alexei Overchuk marks a significant milestone in the strengthening of Pakistan-Russia relations. As the two nations look to deepen their cooperation, this visit is expected to open up new avenues for mutual growth and development. With a focus on energy cooperation, trade, finance, and industry, Pakistan and Russia are poised to embark on a new era of cooperation, driving progress and prosperity for their people.
Keywords: Pakistan-Russia relations, Alexei Overchuk, Islamabad, trade, energy, finance, industry, Government-to-Government agreements, Shanghai Cooperation Organization, crude oil procurement, LNG procurement, development of gas infrastructure.
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– What are the expected outcomes of Alexei Overchuk’s visit to Islamabad?
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Russian Deputy Prime Minister Alexei Overchuk to Arrive in Islamabad Tomorrow on a Two-Day Visit
Islamabad is set to welcome Russian Deputy Prime Minister Alexei Overchuk tomorrow, marking a significant milestone in the strengthening of Pakistan-Russia relations. The two-day visit is expected to pave the way for the signing of several agreements between the two nations, focusing on trade, energy, finance, and industry.
High-Level Talks and Diplomacy
During his stay, Overchuk is scheduled to meet with President Asif Ali Zardari and Prime Minister Shehbaz Sharif, where they will engage in in-depth discussions on trade and economic cooperation. The Russian Deputy Prime Minister will be accompanied by several Deputy Ministers of the Russian Government, making this the highest-level visit by an official of the Russian Federation in many years.
Follow-up to Shanghai Cooperation Organization Summit
The upcoming visit is a follow-up to the talks between Prime Minister Shehbaz Sharif and Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Kazakhstan. The meeting is expected to build upon the existing momentum in bilateral relations, exploring avenues for further cooperation and collaboration.
Pakistan-Russia Energy Cooperation
One of the key areas of focus will be energy cooperation, with a three-pronged strategy in place. This includes:
*Crude Oil Proc
