Prime Minister Shehbaz Sharif on Tuesday approved amendments to Pakistan’s Oil Refining Policy, 2023, aimed at accelerating the modernization of existing refineries, increasing production of cleaner Euro-V fuels and strengthening the country’s energy security.
Chairing a meeting of the Cabinet Committee on Energy at the Prime Minister’s House, the prime minister approved the proposed changes to the Pakistan Oil Refining Policy, 2023 and ordered roadshows in Qatar, Saudi Arabia and other Gulf countries to attract investment in brownfield refinery upgrade projects.
According to a statement issued by the Prime Minister’s Office, Sharif said upgrading Pakistan’s oil refineries was an urgent national priority and a key pillar of the country’s long-term energy security strategy. “Refineries aligned with modern standards will not only meet Pakistan’s energy requirements more efficiently but will also reduce dependence on imported fuels and help provide environmentally friendly fuels,” he said.
During the meeting, the committee was informed upgrading existing refineries was essential to increase production capacity and enable the manufacture of Euro-IV and Euro-V compliant fuels. Officials said cleaner fuels are necessary for Pakistan to meet its international environmental commitments, reduce air pollution and improve fuel quality for consumers.
The prime minister directed the relevant authorities to ensure swift and effective implementation of the revised policy, warning that delays or negligence would not be tolerated. He also instructed the relevant ministries and institutions to maintain close coordination with stakeholders to expedite implementation of the reforms.
Sharif called for reforms to improve the performance of the Oil and Gas Regulatory Authority (OGRA), saying changes should enhance competition, transparency and investment across Pakistan’s energy sector. He reiterated the government’s commitment to pursuing sustainable energy-sector reforms, promoting modern technologies and creating an investment-friendly environment.
He also directed authorities to increase Pakistan’s strategic reserves of petroleum products as part of broader efforts to strengthen energy security.
The committee received a detailed briefing on progress in refinery modernization, implementation of energy-sector reforms and the amended refining policy. Officials said the changes to the Pakistan Oil Refining Policy, 2023 aim to facilitate the production of environmentally friendly Euro-V gasoline and diesel while reducing output of furnace oil and other lower-value petroleum products from existing brownfield refineries.
Sharif also praised Petroleum Minister Ali Pervaiz Malik and his team for their work on finalizing the amendments to the refinery policy.