Pakistan is seeking to draw US financial institutions into its oil refinery modernization effort, as Islamabad aims to deepen energy ties with Washington and secure domestic fuel supplies.
Petroleum Minister Ali Pervaiz Malik highlighted the investment chance during a meeting with US Chargé d'Affaires Natalie Baker on Monday, October 26.
The talks also explored possible US participation in Pakistan's energy supply chain, including liquefied natural gas imports.
Pakistan Sees Investment Opportunity in Refinery Modernization
Pakistan's refinery sector is gearing up for a large technology overhaul to improve fuel quality and raise output. Malik told the US envoy that the scheme could offer investment openings for American financial institutions, an official statement said.
The move comes as Pakistan confronts energy security worries tied to a shifting geopolitical landscape. Malik noted that the Middle East conflict had made fuel availability more complex, increasing the need to protect steady supplies.
Four of the country's five local refineries signed formal agreements with the government last month to upgrade their technologies. The projects are projected to need about $5 billion in investment over five years.
US Companies Eye Pakistan's LNG Market
Washington also signaled interest in widening its energy engagement with Pakistan, with Baker indicating a readiness to cooperate with Islamabad on its energy needs.
The US envoy praised Pakistan for keeping fuel supplies flowing despite regional challenges and stressed the importance of creating openings for American firms in the country. She expressed optimism about forming long-term energy supply contracts that could benefit both nations.
Executives from Pakistan State Oil and Pakistan LNG Limited briefed the meeting on US company interest in supplying LNG to Pakistan, pointing to another possible area of commercial cooperation.
Pakistan Seeks Broader US Business Engagement
Beyond energy, Malik invited American firms to attend the upcoming Pakistan Minerals Investment Forum to explore opportunities in the nation's mineral sector.
The petroleum minister thanked the United States for its support and said deeper engagement could advance energy cooperation and secure Pakistan's long-term energy needs.
