US technology firm proposes refinery modernisation plan for Pakistan in meeting with finance minister

WASHINGTON: Finance Minister Senator Muhammad Aurangzeb on Monday met a delegation from Honeywell Technologies and discussed a proposed plan to modernise and expand Pakistan’s refinery sector.

According to the finance ministry, Aurangzeb met with a delegation from the company comprising Vice President General Manager Barry Glickman.

“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,” it said.

“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,” it said.

“The finance minister emphasised that the proposed initiative would support Pakistan’s energy security, industrial development, and sustainable economic growth,” the finance ministry said.

The meeting took place during Aurangzeb’s three-day visit to Washington, where he is holding discussions with US officials and financial institutions on trade, investment and economic cooperation.

Earlier on Monday, Pakistan and the United States resumed talks on a broader economic partnership, with discussions expected to cover tariffs, market access, investment opportunities and expanding bilateral trade.

During his visit, Aurangzeb is also scheduled to meet officials from the Office of the US Trade Representative, the US ExBank, the DFC and the International Monetary Fund (IMF).

Meetings with US development and export financing agencies are aimed at exploring opportunities for funding infrastructure, energy and private-sector projects in Pakistan.

The visit comes as Islamabad and Washington continue negotiations that began last week over tariffs affecting Pakistani exports and a possible framework for a broader trade agreement following the global tariff measures announced by US President Donald Trump in April 2025. ...