Pakistan, Turkiye Sign MoUs to Deepen Oil, Gas, and Mining Cooperation

Pakistan and Turkiye signed five memoranda of understanding and deeds of assignment on Tuesday, paving the way for expanded collaboration in oil and gas exploration, mining, and equity participation in the power sector. Prime Minister Sharif witnessed the signing ceremony, which included pacts for three offshore and two onshore petroleum fields: the Eastern Offshore Indus-C, Ziarat North Block, Sukhpur-II Block, Deep C Block, and Offshore Deep F Block. The deals mark a significant step in strengthening bilateral energy ties, with Turkish Petroleum joining both offshore and onshore exploration activities in Pakistan. Sharif highlighted the historic and fraternal relationship between the two countries and reiterated the goal, agreed with President Recep Tayyip Erdogan in 2022, to boost bilateral trade to $5 billion within three years. Trade between the two nations reached $1.4 billion in 2024, up from $1.1 billion in 2021. The Turkish energy minister said Turkiye plans to develop further ventures in partnership with Pakistan, particularly in oil and gas exploration, energy infrastructure, and mining. “To achieve our shared goal of $5 billion in bilateral trade, significant contributions will come from deeper collaboration in energy and mining,” Bayraktar said. The Turkish delegation also announced that Turkish Petroleum will open an office in Islamabad this month, staffed by both Turkish and local employees. Both sides agreed to consider forming a joint trading company for petroleum procurement and to facilitate further investment and collaboration in the energy sector. Managing directors of Mari Energies, Oil and Gas Development Company Limited (OGDCL), and Pakistan Petroleum Ltd (PPL) presented ongoing and planned projects, highlighting opportunities for Turkish partners in oil and gas, shale and tight gas, and mining and minerals through joint ventures and technology partnerships. Power Minister Awais Leghari invited Turkish private-sector investors to participate in the upcoming privatization of Pakistan’s first three electricity distribution companies, for which expressions of interest will be sought soon. The two countries also agreed that a Pakistani ministerial delegation will visit Turkiye to explore further cooperation in energy, mining, and related sectors, as both sides seek to unlock the full potential of their strategic partnership. The agreements were inked during a visit by a high-level Turkish delegation led by Energy and Natural Resources Minister Alparslan Bayraktar, who met with Prime Minister Shehbaz Sharif, Chief of Army Staff Field Marshal Asim Munir, Petroleum Minister Ali Pervaiz Malik, and Power Minister Awais Leghari.