US firm Honeywell proposes refinery upgrade plan for Pakistan

Pakistan's finance minister, Muhammad Aurangzeb, met with a delegation from US firm Honeywell Technologies to explore a plan for modernizing and expanding the nation's refinery sector. The proposal, discussed in Washington, aims to bolster Pakistan's domestic oil refining capabilities and decrease its dependence on imported fuels.

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During the meeting, the finance minister welcomed Honeywell’s proposed modernisation and expansion of Pakistan’s refinery sector, noting its potential to enhance the country’s domestic refining capacity and reduce reliance on imported petroleum products.

Aurangzeb welcomed Honeywell's initiative, highlighting its potential to strengthen the country's energy security and support industrial development. The meeting focused on Honeywell's technological solutions and equipment, as well as exploring financing options. These could include support from the US Exim Bank, the US International Development Finance Corporation (DFC), various export credit agencies, and major international banks.

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The meeting included discussions on Honeywell’s technology and equipment solutions, as well as potential financing through the US Exim Bank, the US International Development Finance Corporation (DFC), export credit agencies, and leading international banks.

The modernization effort is seen as a crucial step toward achieving greater self-sufficiency in petroleum products. By upgrading existing facilities and potentially expanding capacity, Pakistan seeks to improve its energy infrastructure and reduce its vulnerability to global oil market fluctuations.

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The finance minister emphasised that the proposed initiative would support Pakistan’s energy security, industrial development, an