Pakistan seeks investment from US in oil refinery upgradation projects

Pakistan asked US financial institutions to consider investing in local refinery modernisation, during talks on energy cooperation between Petroleum Minister Ali Pervaiz Malik and US Chargé d’Affaires Natalie Baker on Monday, Dawn reported. Malik said the programme could create investment openings for US financiers, while the two sides discussed ways to strengthen energy ties and secure fuel supplies.

The minister cited pressures on fuel availability from the Middle East conflict and said Pakistan was taking steps to protect supply continuity. Baker commended Pakistan for avoiding shortages and voiced interest in closer cooperation, including long-term energy supply contracts. Executives from Pakistan State Oil and Pakistan LNG Limited also briefed the meeting on US companies’ interest in supplying LNG to Pakistan.

The talks follow formal upgrade agreements signed last month by four of Pakistan’s five refineries with the government. Their planned technology improvements, intended to raise product quality and output, carry an estimated investment of about $5 billion over five years.