US conglomerate Honeywell Technologies has proposed to modernize and expand the Pakistan’s refinery sector during a meeting with the Finance Minister Senator Muhammad Aurangzeb in Washington, D.C.
As per details, a delegation led by Barry Glickman, Vice President and General Manager of Honeywell Technologies met Federal Minister for Finance, Muhammad Aurangzeb on Monday.
Welcoming the proposal, the finance minister said that it would enhance the country’s domestic refining capacity and help reduce dependence on imported petroleum products.
“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.
Finance Minister Meets Honeywell Technologies Delegation, Discusses Refinery Modernization and Energy Security
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with a delegation of Honeywell Technologies led by its Vice President and General Manager, Mr.… pic.twitter.com/N9DAlMZcra
— Ministry of Finance, Government of Pakistan (@Financegovpk) July 20, 2026
“The finance minister emphasized that the proposed initiative would support Pakistan’s energy security, industrial development, and sustainable economic growth,” the finance ministry said.
Pakistan’s oil refining sector is strategically important but faces major challenges. It comprises five major refinery companies: Pak-Arab Refinery Limited (PARCO), Attock Refinery Limited (ATRL), National Refinery Limited (NRL), Pakistan Refinery Limited (PRL), and Cnergyico.
The sector largely relies on outdated hydro-skimming technology, which results in the production of excessive quantities of furnace oil (FO), a product whose domestic demand has declined substantially.
