Upgradation policy: Oil refiners say committed to signing accords

ISLAMABAD: Pakistan’s oil refineries have reaffirmed their commitment to sign agreements under the Refinery Upgradation Policy early next month, a move expected to unlock approximately USD 6 billion in investment in the country’s refining sector. Federal Minister for Petroleum Ali Pervaiz Malik held meetings with the managements of Pakistan’s five oil refineries, Pak Arab Refinery Limited (PARCO), Pakistan Refinery Limited (PRL), National Refinery Limited (NRL), Cnergyico and Attock Refinery Limited (ARL), to review progress towards implementation of the Brownfield Refinery Upgradation Policy, the financial and operational performance of the refineries and measures to strengthen Pakistan’s energy security. Management of all five refineries reaffirmed its readiness to sign agreements under the Refinery Upgradation Policy, with the agreements expected to be signed early next month. The agreements are expected to unlock approximately USD 6 billion in investment in Pakistan’s refining sector. READ MORE: Pakistan expects $5bn investment to transform refineries soon: petroleum minister The federal minister highlighted that refinery upgradation is essential for long term sustainability of