Cynergico Pvt Ltd is upgrading both of its refineries to produce Euro-V compliant petrol and diesel.
The estimated investment in this project is more than 1 billion dollars. The Special Capital Facility Council (SIFC) has been instrumental in bridging the gap between the government and oil refiners.
This development marked the expansion of local oil refining capacity under the recently approved “Brown Field Oil Refinery Policy”.
The policy, approved after revisions in February 2024, is expected to attract USD 5-6 billion in investment in the refining sector.
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The upgrade will help the refinery increase production of higher profit margins and premium products such as gasoline and diesel instead of fuel oil. The result will be a significant reduction in the import of expensive refined products and significant savings in foreign exchange.
The company aims to double its installed processing capacity to 50,000 barrels. The project is expected to be completed by the end of 2028.
