Karachi: Five oil refineries in Pakistan are set to sign agreements under the Refinery Upgrade Policy, marking a significant investment of over six billion dollars. Minister for Petroleum Ali Pervaiz Malik announced that the agreements are anticipated to be finalized at the beginning of next month.

According to Radio Pakistan, during a visit to Karachi, Minister Malik engaged in discussions with the management teams of PARCO, Pakistan Refinery, Attock Refinery, National Refinery, and Cnergyico. These meetings focused on the implementation of the Brownfield Refinery Upgrade Policy, assessing the financial and operational performance of the refineries, and exploring measures to enhance the country’s energy security.

Minister Malik emphasized the importance of modernizing the refineries for ensuring the long-term sustainability of Pakistan’s refining sector. He noted that the upgraded facilities would enable the production of Euro-5 standard fuel products, reducing the nation’s reliance on imported petrol and diesel. The Minister also highlighted that increased domestic production could potentially lower fuel prices.

Assuring continued government support, Malik pledged to assist the refineries in addressing challenges related to the policy’s implementation.