Finance Minister Holds Talks With U.S. Industrial Giant on Pakistan’s Refinery Upgrades

Finance Minister Senator Muhammad Aurangzeb met a delegation from Honeywell Technologies in Washington, D.C., to discuss the modernization and expansion of Pakistan’s refinery sector, a move aimed at strengthening the country’s energy security and reducing reliance on imported petroleum products.

The Honeywell delegation was led by Vice President and General Manager Barry Glickman. During the meeting, the finance minister welcomed the company’s proposal to upgrade Pakistan’s refining infrastructure, saying it could significantly enhance domestic refining capacity while supporting industrial growth and long term economic development.

The two sides also discussed Honeywell’s technology and equipment solutions, along with potential financing options for the project. Funding could be arranged through the U.S. Export Import Bank (EXIM), the U.S. International Development Finance Corporation (DFC), export credit agencies, and leading international financial institutions.

Pakistan has been pursuing refinery modernization under its Brownfield Refinery Policy, which offers incentives for existing refineries to upgrade their facilities and produce cleaner Euro V compliant fuels.

Many of the country’s refineries continue to operate with aging infrastructure, limiting production efficiency and the output of high value petroleum products. Modernization is expected to improve fuel quality, increase refining capacity, and reduce Pakistan’s dependence on imported refined petroleum products.

The meeting took place on the sidelines of the finance minister’s visit to Washington, where Pakistan is holding discussions with international financial institutions, investors, and multinational companies to attract foreign investment and support key sectors of the economy, including energy, infrastructure, and industry.