Pakistan is looking to attract US financial institutions to its oil refinery modernization program, as Islamabad seeks to expand energy ties with Washington and strengthen its ability to meet domestic fuel demand.
Petroleum Minister Ali Pervaiz Malik raised the investment opportunity during talks with US Chargé d’Affaires Natalie Baker on Monday, October 26.
The discussions also covered potential US involvement in Pakistan’s energy supply chain, including liquefied natural gas (LNG) imports.
Pakistan Sees Investment Opportunity in Refinery Modernization
Pakistan’s refinery sector is preparing for a major technology overhaul aimed at improving fuel quality and boosting production. Malik told the US envoy that the program could provide investment opportunities for American financial institutions, according to an official statement.
The initiative comes as Pakistan faces energy security concerns linked to the changing geopolitical environment. Malik said the conflict in the Middle East had complicated fuel availability, making measures to protect uninterrupted supplies increasingly important.
Four of Pakistan’s five local refineries signed formal agreements with the government last month to upgrade their refining technologies. The projects are expected to require approximately $5 billion in investment over five years.
US Companies Eye Pakistan’s LNG Market
Washington has also expressed interest in expanding its energy engagement with Pakistan, with Baker signaling a willingness to work with Islamabad to address its energy requirements.
The US envoy praised Pakistan for maintaining fuel supplies despite regional challenges and emphasized the need to create opportunities for American businesses in the country. She also expressed optimism about establishing long term energy supply contracts, which she said could benefit both countries.
Executives from Pakistan State Oil and Pakistan LNG Limited briefed the meeting on interest from US companies in supplying LNG to Pakistan, highlighting another potential area of commercial cooperation.
Pakistan Seeks Broader US Business Engagement
Beyond the energy sector, Malik invited American companies to attend the upcoming Pakistan Minerals Investment Forum, where they could explore investment opportunities in the country’s mineral resources.
The petroleum minister thanked the United States for its support and said stronger engagement between the two countries could help advance energy cooperation and secure Pakistan’s long term energy needs.
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