ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday said modernizing Pakistan’s oil refineries is vital for strengthening the country’s energy security, reducing dependence on imported petroleum products, and producing cleaner, environmentally friendly fuel.
Chairing a meeting of the Cabinet Committee on Energy, the prime minister approved proposed amendments to the Pakistan Oil Refining Policy 2023 aimed at upgrading existing refineries and promoting investment in the energy sector.
Officials briefing the committee said refinery upgrades would increase production capacity and enable the manufacture of Euro-4 and Euro-5 standard fuels, helping Pakistan meet its international environmental commitments, reduce air pollution, and provide higher-quality fuel to consumers.
Prime Minister Shehbaz directed the introduction of reforms to improve the performance of the Oil and Gas Regulatory Authority (OGRA), saying the energy market should become more competitive, transparent, and attractive for investment.
He stressed that the amended policy must be implemented without delay, warning that negligence or unnecessary delays would not be tolerated. He also instructed the relevant ministries and institutions to maintain close coordination with stakeholders to ensure the smooth execution of the reforms.
Reaffirming the government’s commitment to long-term energy sector reforms, the prime minister said Pakistan would continue promoting modern technologies and creating a business-friendly environment for local and foreign investors.
To attract international investment, he directed authorities to organize roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023, particularly for brownfield refinery projects.
The prime minister also appreciated the efforts of the Petroleum Minister and his team in finalizing the policy amendments and directed authorities to increase Pakistan’s strategic petroleum reserves.
The meeting was also briefed on progress in refinery modernization, broader energy sector reforms, and the implementation of the revised policy. Officials said the amendments are designed to increase the production of Euro-5 compliant petrol and diesel while reducing the output of furnace oil and other low-quality petroleum products.
The meeting was attended by Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, and Ahsan Iqbal, along with senior government officials and federal secretaries.
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