ISLAMABAD: The government on Tuesday approved amendments to the Pakistan Oil Refining Policy 2023 aimed at facilitating the upgradation of existing oil refineries, increasing production capacity and promoting investment in the refining sector.
The approval was granted at a meeting of the Cabinet Committee on Energy chaired by Prime Minister Shehbaz Sharif, who said modernization of refineries was essential for improving the country’s energy security and reducing dependence on imported fuel.
The prime minister directed authorities to ensure effective and timely implementation of the amended policy, warning that delays or negligence in carrying out the reforms would not be tolerated.
Addressing the meeting, the prime minister emphasized that upgraded refineries equipped with modern technology would help meet domestic energy needs more efficiently, reduce reliance on imported fuels, and support the supply of cleaner and environment-friendly petroleum products.
The meeting was informed that upgrading existing refineries was essential to enhance their production capacity and bring Pakistan’s fuel standards in line with international requirements.
Officials said the production of Euro-4 and Euro-5 quality fuels would help fulfill Pakistan’s environmental commitments, reduce air pollution, and provide better-quality fuel to consumers.
The prime minister directed the introduction of reforms to improve the performance of the Oil and Gas Regulatory Authority (OGRA) and make the energy sector more competitive, transparent, and attractive for investment.
He instructed relevant ministries and departments to maintain close coordination with all stakeholders and speed up the reform process.
He said the government would continue taking measures for sustainable reforms, promotion of modern technology, and creation of a favorable environment for investment in the energy sector.
The meeting also discussed measures related to brownfield refineries under the amended refining policy.
Sharif directed that roadshows be organized in Qatar, Saudi Arabia, and other Gulf countries to promote investment opportunities in Pakistan’s refining sector.
He appreciated the efforts of the Petroleum Minister Ali Pervez Malik and his team for their work on amendments to the refining policy concerning brownfield refineries.
He further directed authorities to increase the country’s strategic reserves of petroleum products to strengthen energy security and ensure supply stability during emergencies.
During the briefing, officials informed the committee that the amendments to the Pakistan Oil Refining Policy 2023 for brownfield refineries were designed to encourage production of Euro-V compliant petrol and diesel, while reducing dependence on furnace oil and low-quality petroleum products.
The meeting was attended by Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervez Malik, Planning and Development Minister Ahsan Iqbal, Economic Affairs Minister Ahad Cheema, relevant federal secretaries, and senior government officials.
