Pakistan and US agree to deepen energy cooperation, refinery investment

Minister for Petroleum Ali Pervaiz Malik met US Chargé d'Affaires Natalie Baker on Monday to discuss ways of strengthening bilateral cooperation in the energy sector. According to the reports, both sides agreed to enhance cooperation, focusing on energy security, fuel supplies and investment opportunities.

Malik briefed Baker on the steps Pakistan has taken to protect its energy security amid changing geopolitical conditions. He said the ongoing conflict in the Middle East had created challenges for fuel availability, which required proactive measures to keep supplies uninterrupted.

Baker congratulated Pakistan on managing its fuel supply situation. She noted that the country had not faced a fuel shortage despite the difficult regional circumstances.

Malik said Pakistan's refinery upgradation programme could offer investment opportunities for US financial institutions. He said greater investment could support the development of the country's energy infrastructure.

Baker said Washington was willing to work closely with Pakistan to address its energy needs. She stressed the importance of creating opportunities for US companies in Pakistan and said she was optimistic about establishing long-term energy supply contracts, which she said would benefit both countries and create openings for American businesses.

The managing directors of Pakistan State Oil and Pakistan LNG Limited briefed participants on the interest shown by US companies in supplying liquefied natural gas to Pakistan.

Malik also invited American companies to take part in the upcoming Pakistan Minerals Investment Forum, pointing to investment opportunities in the country's mineral sector. He thanked the US for its support and said stronger engagement would help Pakistan's long-term energy security.

The reports also recall recent related developments. On September 2, OGDCL signed an agreement with US firm Baker Hughes to deploy its Mature Assets Solutions at ageing oil and gas fields. On October 25, Gilgit-Baltistan Chief Minister Amjad Hussain Azar said the US had shown interest in investing in the region's energy sector, and that a public-private partnership unit had been set up for the purpose.