US Tech Firm Proposes Refinery Modernisation Plan for Pakistan

Finance Minister Senator Muhammad Aurangzeb met with a delegation from US-based Honeywell Technologies to discuss a proposal aimed at modernising and expanding Pakistan's refinery sector. The discussions focused on increasing domestic refining capacity and reducing the country's reliance on imported petroleum products.

 

According to the Finance Ministry, Honeywell presented its refinery technology and equipment solutions, while both sides also explored potential financing through the US Export-Import Bank (US Exim Bank), the US International Development Finance Corporation (DFC), export credit agencies, and international financial institutions.

 

Aurangzeb said the proposed refinery upgrade initiative could strengthen Pakistan's energy security, support industrial development, and contribute to long-term economic growth.

 

The meeting took place during the finance minister's visit to Washington, where he is holding discussions with US government officials and financial institutions on trade, investment, and economic cooperation. His schedule also includes meetings with the Office of the US Trade Representative (USTR), the IMF, the US Exim Bank, and the DFC to explore financing opportunities for infrastructure, energy, and private-sector projects.

 

The visit comes as Pakistan and the United States continue negotiations on tariffs, market access, investment, and a broader trade framework aimed at expanding bilateral economic ties.