Washington, D.C.: Pakistan’s Finance Minister Muhammad Aurangzeb met with a delegation from Honeywell Technologies, a leading US industrial technology company, to discuss a proposal aimed at modernising and expanding Pakistan’s oil refinery sector. The meeting took place during the minister’s official visit to Washington as part of broader efforts to strengthen economic cooperation between Pakistan and the United States.
According to the Ministry of Finance, Honeywell presented advanced refinery technologies and equipment designed to improve Pakistan’s domestic refining capacity, enhance fuel production efficiency, and reduce the country’s dependence on imported refined petroleum products. The proposal is expected to support Pakistan’s long-term energy security while promoting industrial growth and economic development.
The discussions also covered potential financing options for the project through the US Export-Import Bank (EXIM Bank), the US International Development Finance Corporation (DFC), export credit agencies, and leading international financial institutions. These funding avenues could help facilitate the implementation of refinery modernisation projects across Pakistan.
Finance Minister Aurangzeb welcomed Honeywell’s proposal, emphasizing that upgrading Pakistan’s refining infrastructure would improve energy efficiency, strengthen domestic fuel production, and contribute to sustainable economic growth. He noted that enhancing local refining capabilities would also reduce reliance on imported petroleum products and make the country’s energy sector more resilient.
The meeting comes as Pakistan and the United States continue discussions on expanding bilateral trade, investment, and economic partnerships. During his visit, the finance minister is also scheduled to hold talks with officials from the Office of the US Trade Representative (USTR), the IMF, the DFC, and other financial institutions to explore new investment and infrastructure opportunities.
