Pakistan, Aug. 12 -- Pakistan's oil refiners are looking to foreign lenders and investors to finance multibillion-dollar upgrades of the country's aging refining infrastructure, industry executives said on Monday, with Saudi Arabia, Azerbaijan and Turkiye among potential sources of funding.

The upgrades, estimated to require around $5 billion in investment across the industry, are planned under Pakistan's recently amended Brownfield Refining Policy, which offers incentives for existing refineries to modernize their plants, produce cleaner fuels and convert low-value furnace oil into higher-value petroleum products.

Pakistan has five major refineries - Pakistan Refinery Limited (PRL), National Refinery Limited (NRL), Pak-Arab Refinery Li...