Progress on major JVs with Russia likely
Pakistan and Russia are poised to make headway on multibillion-dollar projects for offshore drilling, mineral mining, insulin production and Pakistan Steel Mills (PSM) revival during the upcoming dialogue.
The Pakistan-Russia Inter-Governmental Commission is scheduled to meet on November 27 in Islamabad.
Sources told The Express Tribune that a high-level delegation of Russia was set to arrive on November 25. It will hold meetings with the Pakistani side on November 26-27.
Key projects on the agenda include stakes in offshore hydrocarbon zones for Russian energy giant Gazprom.
Pakistan's government has recently awarded 23 offshore exploration licences to domestic companies including Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL) and Mari Energies. A Turkish firm has also entered into a joint venture with Pakistani firms to try their luck in offshore drilling. During the previous government of Pakistan Tehreek-e-Insaf (PTI), US energy major ExxonMobil searched for oil and gas in an offshore area in Karachi. But its bid failed and it did not yield any result. However, it helped to collect data, which would be of great support in the upcoming offshore drilling ventures.
State-owned OGDC is at an advanced stage of forging a joint venture with Gazprom for offshore oil and gas exploration in Pakistan. Gazprom has also offered OGDC stakes in its projects in different countries.
Sources said that during the upcoming sessions of the Inter-Governmental Commission, Pakistan and Russia were set to make some headway on beginning joint projects for oil and gas excavation in offshore zones. The Pakistani side is also exploring prospects of joint exploration of mineral resources. It has offered Russia to join efforts in this regard. The two sides will take up the potential for cooperation in this area during the upcoming discussions. US firms have also shown interest in participating in mineral exploration in Pakistan.
Revival of steel mills
Pakistan Steel Mills (PSM), set up with Russian cooperation in the 1970s, has been shut since 2015. Pakistan wants to revive this state asset.
In July 2025, Pakistan and Russia signed a protocol aimed at restarting and expanding steel production, marking a new chapter in bilateral cooperation. The protocol to modernise PSM was signed by Industries Secretary Saif Anjum and Industrial Engineering General Director Vadim Velichko at the Pakistan embassy in Moscow.
The mill has remained a lasting symbol of Pakistan-Russia ties. PSM started crumbling in 2008; major reasons for which were thousands of new appointments, the global recession and other factors. The mill suffered a loss of Rs16.9 billion in 2008-09, which jumped to Rs118.7 billion in five years. The two sides will review the current status of cooperation for the revival of PSM.
Insulin production
Pakistan is eager to set up local insulin manufacturing facilities in partnership with Russia, which will lay the foundation for a new era of bilateral relations.
Insulin production will be carried out in phases, with bulk production and technology transfer expected within three years. The joint venture will create new opportunities for business cooperation and ensure access to essential medicines for the people of Pakistan. Pakistan and Russia will hold talks during the upcoming session to accelerate work on setting up a pharma plant in Pakistan.