HBL leads PKR 75.9 billion financing mandate for FWO’s white oil pipeline project

Pakistan, Rawalpindi – 11 February 2026: In a move aimed at bolstering Pakistan’s energy infrastructure, Frontier Works Organization (FWO) has mandated local banks to arrange a project finance facility of up to PKR 75.9 billion. HBL has been appointed as the Inter-Creditor Agent and Mandated Lead Arranger for the facility.

Frontier Oil Company (FOC), a project company of FWO, is raising this strategic financing to develop a dual-carriage White Oil Pipeline from Faisalabad to Taru Jabba. The pipeline is designed to transport up to 7 million metric tons per annum of Motor Gasoline and High-Speed Diesel.

To mark the appointment, a ceremony was held at FWO Headquarters, attended by government dignitaries, consortium partners, and HBL leadership.

Speaking on the occasion, Agha Waqar, Director Finance & Group CFO – FWO, acknowledged the banks for devising a comprehensive financing plan that will ensure the early implementation of the project. He also expressed appreciation for HBL’s collaboration over the past two years in developing a bankable model to secure the required financing from consortium institutions.

Aamir Irshad, Head CCIBG – HBL, stated that this is a nationally important project that will not only reduce transport costs but also offer significant environmental benefits due to its climate-friendly design.

Through this mandate, HBL is facilitating capital formation for critical energy infrastructure aligned with national development priorities.