Russian Deputy Prime Minister Alexei Overchuk to embark on two-day visit to Pakistan

Russian Deputy Prime Minister Alexei Overchuk is set to arrive in Pakistan on Wednesday, 18 September 2024, for a two-day visit, accompanied by a high-level delegation.

This visit is part of a broader effort to strengthen the bilateral relationship between Russia and Pakistan, particularly in the areas of trade, energy, and connectivity.

During his visit, Alexei Overchuk will hold meetings with Pakistan's President , Prime Minister , Deputy Prime Minister and Foreign Minister.

The discussions are expected to focus on enhancing cooperation in several key sectors, reflecting the cordial relations and mutual trust between the two countries.

Foreign Office Spokesperson Mumtaz Zahra Baloch highlighted that the relationship between Pakistan and Russia is characterised by goodwill and amity.

This relationship is evidenced by their multifaceted bilateral cooperation, including in trade, energy, and connectivity. The visit underscores the ongoing collaboration between the two nations, particularly in the realm of energy.

In recent developments, Pakistan has significantly increased its engagement with Russia in the energy sector.

Last year, Islamabad began purchasing Russian crude oil at a discounted rate in response to skyrocketing fuel prices due to geopolitical tensions.

This move was part of Pakistan's strategy to address its economic challenges, including a foreign exchange crisis and inflation.

Additionally, Pakistan received its first shipment of liquefied petroleum gas (LPG) from Russia in September 2023. This marked Islamabad’s second major energy purchase from Russia, following the earlier deal for crude oil.

The country aims to import 100,000 barrels per day (bpd) of Russian crude oil, down from 154,000 bpd in 2022.

This adjustment is intended to reduce the import bill and alleviate some of the economic pressures faced by Pakistan.

Despite these efforts, the benefits of discounted Russian oil are somewhat tempered by increased shipping costs and lower-quality refined products compared to those derived from crude oil supplied by Pakistan’s primary suppliers, Saudi Arabia and the United Arab Emirates.

The visit of Deputy Prime Minister Alexei Overchuk is a key moment in the growing relationship between Russia and Pakistan, reflecting both nations' commitment to enhancing their bilateral ties and addressing mutual interests in the energy sector and beyond.