ECONOMYNEXT – President Donald Trump said he had concluded a deal with Pakistan, which involves oil exploration, without giving additional details.
“We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,” he said in a post on his truthsocial.com platform.
“We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they’ll be selling Oil to India some day!”
Getting oil exploration blocks without open bidding on a government to government deals (so-called assignment basis) was earlier the preserve of countries like China and Russia.
The US had advocated free international bidding for countries to get maximum revenues. US aid also gave technical assistance to Sri Lanka’s petroleum exploration office to prepare oil blocks for commercial bidding.
Trump has got closer to Pakistan following mediation on a border war with India. Pakistan was was slapped with a 29 percent tax.
The earlier Trump tariffs are set to go into effect on August 01. So far no extensions have been announced.
Trump said the US was talking to a number of other countries and he was “doing them at the low end, not the high end because we don’t want to hurt anybody.” (Colombo/July31/2025)
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