PM Stresses Urgent Need for Modernizing Oil Refineries

Islamabad: Prime Minister Shehbaz Sharif has emphasized the need for the upgradation of oil refineries as it constitutes a key pillar of Pakistan’s comprehensive energy security framework. He was chairing a meeting of the Cabinet Committee on Energy in Islamabad today that approved the proposed amendments to the Pakistan Oil Refining Policy 2023.

According to Radio Pakistan, the Prime Minister stated that modern refineries will help meet the country’s growing energy requirements, reduce dependence on imported fuels, and facilitate the production of environment-friendly fuels. He directed the introduction of reforms in the Oil and Gas Regulatory Authority (OGRA) to improve its performance and better meet market requirements. This move aims to promote competition, transparency, and investment in the energy sector.

The Prime Minister emphasized that the amended policy should be implemented effectively and without delay, warning that any negligence or unnecessary delay would not be tolerated. He urged relevant ministries and institutions to accelerate the reform process while maintaining close coordination with all stakeholders. Shehbaz Sharif reiterated the government’s commitment to pursuing sustainable reforms in the energy sector, promoting modern technologies, and creating an investment-friendly environment.

Additionally, Shehbaz Sharif instructed that roadshows be organized in Qatar, Saudi Arabia, and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023 for brownfield refineries and attract investment. He praised the Minister for Petroleum and his team for their work in finalizing the amendments to the refining policy related to brownfield refineries.

The Prime Minister also directed authorities to enhance Pakistan’s strategic reserves of petroleum products. The meeting was informed that upgrading existing refineries is crucial to enhance their production capacity. It was briefed that producing Euro-4 and Euro-5 compliant fuels is necessary to fulfill Pakistan’s international environmental commitments, reduce air pollution, and provide higher-quality fuel to consumers.

The amendments to the Pakistan Oil Refining Policy 2023 aim to ensure the production of environmentally friendly Euro-V compliant petrol and diesel while reducing the production of furnace oil and other low-value petroleum products.