Three major oil refineries - Attock Oil Refinery, National Oil Refinery, and Pakistan Oil Refinery - are expected to sign pivotal agreements with the Oil and Gas Regulatory Authority (OGRA).
This landmark agreement, crafted under Pakistan's Oil Refineries Policy Brownfield Refineries Upgradation 2023, signals a substantial leap towards enhancing the efficiency and capacity of the nation's oil refineries.
Endorsed by the Federal Cabinet on August 8, 2023, the Brownfield Refinery Policy takes up the cause of existing refineries, motivating them to modernize, upgrade, and expand their operational capacities.
By fostering this strategic partnership with OGRA, these refineries aim to strengthen their infrastructure but also elevate the production of refined petroleum products, thereby bolstering Pakistan's energy security and fostering economic growth.
OGRA is slated to convene a crucial meeting with the refineries to deliberate on the progress of finalizing these agreements, underscoring the collaborative effort underway to drive this initiative forward.
Moreover, the signing of the Brownfield Refinery Policy assumes heightened significance as it paves the way for refineries to transition towards producing Euro-V compliant fuel, a critical step in meeting global environmental standards.
In a watershed moment, Pakistan Refinery Limited (PRL) has embarked on a strategic partnership with the Special Investment Facilitation Council (SIFC), aimed at championing the production of environmentally sustainable fuels.
The implementation of this visionary policy is poised to significantly augment local production of petrol and diesel, aligning them with Euro-V standards. This move not only alleviates the pressure on imports but also underscores Pakistan's commitment to conserving foreign exchange reserves.
