ISLAMABAD: Prime Minister Shehbaz Sharif has underscored the necessity of upgrading oil refineries as a crucial component of Pakistan’s energy security strategy. Chairing a meeting of the Cabinet Committee on Energy, Sharif approved proposed amendments to the Pakistan Oil Refining Policy 2023.
According to Radio Pakistan, the Prime Minister highlighted that modernizing refineries is vital to meet the country’s increasing energy demands, decrease reliance on imported fuels, and support the creation of environmentally friendly fuels. Sharif also instructed reforms within the Oil and Gas Regulatory Authority (OGRA) to enhance performance and align with market needs, aiming to encourage competition, transparency, and investment in the energy sector.
Sharif stressed prompt implementation of the amended policy, cautioning against any negligence or delays. He urged relevant ministries and institutions to expedite the reform process while maintaining coordination with stakeholders. The Prime Minister reaffirmed the government’s commitment to sustainable energy sector reforms and the promotion of modern technologies to foster an investment-friendly environment.
Additionally, Sharif directed the organization of roadshows in Qatar, Saudi Arabia, and other Gulf nations to promote the updated refining policy for brownfield refineries and attract investment. He praised the Minister for Petroleum and his team for their efforts in finalizing the policy amendments. The Prime Minister also emphasized the importance of enhancing Pakistan’s strategic reserves of petroleum products.
During the meeting, it was noted that upgrading existing refineries is essential to boost production capacity. The production of Euro-4 and Euro-5 compliant fuels is aimed at fulfilling international environmental obligations, reducing air pollution, and providing higher-quality fuel to consumers. The policy amendments are designed to ensure the production of environmentally friendly Euro-V compliant petrol and diesel while minimizing the output of furnace oil and other low-value petroleum products.