Pakistan seeks investment from US financial institutions in oil refinery upgradation projects

Pakistan seeks investment from US financial institutions in oil refinery upgradation projects

ISLAMABAD: Pakistan on Monday sought investment from US financial institutions in its oil refinery upgradation projects as the two countries discussed increasing cooperation in the energy sector. The development came during a meeting between Petroleum Minister Ali Pervaiz Malik and US Chargé d’Affaires Natalie Baker. During the meeting, Malik briefed the US envoy on measures Pakistan was taking to ensure energy security amid the evolving geopolitical situation, an official statement said. Malik highlighted that the ongoing conflict in the Middle East had created challenges for fuel availability, requiring proactive measures to maintain uninterrupted supplies, it said. The minister underscored Pakistan’s commitment to securing its energy needs and highlighted the ongoing engagement between the teams of both countries to explore opportunities for cooperation. “He noted that Pakistan’s refinery upgradation programme could offer investment opportunities for US financial institutions,” the statement said. Baker, for her part, congratulated Pakistan on efficiently managing the fuel supply situation, noting that the country had not experienced a fuel shortage despite the challenging regional circumstances, it added. The US envoy expressed her country’s desire to work closely with Pakistan to address its energy needs. She emphasised the importance of creating opportunities for US companies in Pakistan and expressed optimism about establishing long-term energy supply contracts, noting that such arrangements would be mutually beneficial and create opportunities for American businesses, it said. During the meeting, the managing directors of Pakistan State Oil and Pakistan LNG Limited briefed the participants on the interest shown by US companies in LNG supply to Pakistan. Malik also invited US companies to participate in the upcoming Pakistan Minerals Investment Forum, highlighting the investment opportunities available in Pakistan, the handout said. He expressed deep appreciation for US support and emphasised that enhanced bilateral engagement would help strengthen energy cooperation and contribute to Pakistan’s long-term energy security, the statement concluded. The development comes after four of five local refineries finally entered into formal agreements with the government last month to upgrade their refining technologies for cleaner product quality and increased production, with an estimated investment of about $5 billion in five years.