Pakistan’s Finance Minister Muhammad Aurangzeb sat down with executives from Honeywell Technologies in Washington on Monday to explore a proposal that could significantly upgrade the country’s oil refining capabilities. The Honeywell team was headed by Vice President and General Manager Barry Glickman, according to Pakistan’s Finance Ministry.
A statement from the ministry said the conversation touched on Honeywell’s refining technologies and equipment, along with possible funding options through the US Export-Import Bank, the US International Development Finance Corporation, export credit agencies, and major international financial institutions.
Aurangzeb noted that if the deal moves forward, it could build up Pakistan’s ability to refine oil domestically and cut back on the amount of petroleum products the country currently imports. He added that the project could strengthen energy security, drive industrial growth, and contribute to the country’s economic future.
The meeting came at a time of heightened global concern over energy security, with renewed tensions between the United States and Iran in the Gulf raising fears about the safe movement of oil through the Strait of Hormuz.
Honeywell Technologies is a US-based multinational company widely recognized as one of the top global suppliers of refining technologies, process automation systems, and specialized oil and gas equipment. The company has taken part in refinery modernization and petrochemical projects across the Middle East, Asia, and beyond.
Pakistan has been working for several years to upgrade its existing refineries, with goals that include improving operational efficiency, increasing production of cleaner transportation fuels, trimming the country’s fuel import costs, and building greater economic resilience.
