ISLAMABAD: The federal government has approved amendments to the Pakistan Oil Refining Policy 2023 aimed at modernising the country’s oil refining sector, improving fuel quality standards, attracting investment, and strengthening long-term energy security.
The decision was taken during a meeting of the Cabinet Committee on Energy (CCoE) chaired by Prime Minister Muhammad Shehbaz Sharif at the Prime Minister House in Islamabad.
During the meeting, the prime minister said upgrading Pakistan’s oil refineries was an urgent national priority and a key component of a comprehensive energy security strategy.
He said modern and efficient refineries would help meet domestic energy needs, reduce dependence on imported petroleum products, and support the availability of cleaner and environmentally friendly fuels.
Focus on Refinery Upgrades and Euro-V Fuel Production
The meeting was informed that upgrading existing refineries is essential to increase production capacity and enable the manufacturing of Euro-IV and Euro-V standard petrol and diesel.
Officials said the revised policy would support Pakistan’s environmental commitments, reduce air pollution, improve fuel quality, and encourage investment in the petroleum sector.
Prime Minister Shehbaz Sharif directed relevant ministries and institutions to ensure the timely implementation of the amended policy, stressing that unnecessary delays would not be tolerated.
He instructed authorities to maintain close coordination with industry stakeholders and accelerate reforms aimed at strengthening the refining sector.
Government to Promote Refinery Investment in Gulf Countries
The prime minister directed the Petroleum Ministry to organise investment roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote opportunities in brownfield refinery projects under the amended Pakistan Oil Refining Policy 2023.
He appreciated the efforts of the Petroleum Ministry and its team in preparing the policy amendments related to brownfield refineries.
The government expects the revised framework to encourage both domestic and foreign investment while improving Pakistan’s refining capacity and reducing reliance on imported fuels.
Pakistan Plans to Increase Strategic Petroleum Reserves
Prime Minister Shehbaz Sharif also directed authorities to enhance the country’s strategic petroleum reserves to improve energy preparedness and protect against potential supply disruptions.
The meeting received a detailed briefing on refinery upgradation projects, petroleum sector reforms, and progress on implementing the revised policy.
Officials said the amendments are specifically designed to promote the production of Euro-V compliant fuels, reduce dependence on furnace oil and low-quality petroleum products, and create a more efficient and sustainable refining industry.
The meeting was attended by Federal Ministers including Ahsan Iqbal, Muhammad Aurangzeb, Ali Pervez Malik, and other senior government officials and relevant federal secretaries.
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