The chief executive officers (CEOs) of Pakistan’s leading oil refineries on Tuesday assured Petroleum Minister Ali Pervaiz Malik of advancing upgradation projects to enhance fuel quality, reduce emissions and promote clean energy solutions.
Expressing their gratitude for the government’s decisive action in resolving the longstanding sales tax issue affecting the refining and OMC sectors, they lauded the minister’s proactive approach and the prime minister’s personal support in addressing the challenges.
The meeting underscored the government’s commitment to ensuring energy security and facilitating refinery upgrade projects worth over $6 billion, deemed critical to modernizing Pakistan’s refining infrastructure. The resolution of the sales tax issue, which will come with higher consumer prices, has been a significant milestone in creating a conducive environment for investment and operational efficiency in the oil refining industry, read a statement issued by the Petroleum Ministry.
During the meeting, the minister emphasized that the government is fully dedicated to fostering a sustainable energy ecosystem. “The steps to address the sales tax issue reflects our unwavering resolve to support the refining sector, which plays a pivotal role in Pakistan’s energy security and economic growth,” he said. “The refinery upgrades will not only enhance production efficiency but also align with our goal of transitioning toward cleaner and more sustainable energy sources,” he added.
Malik also highlighted that policy consistency is the cornerstone for viability of any sector, fostering investor confidence.
The refinery upgradation projects, once completed, will significantly improve fuel standards, reduce reliance on imported petroleum products, and contribute to environmental sustainability by producing Euro-V compliant fuels. This initiative is at heart of the government’s broader strategy to strengthen the energy sector and ensure long-term economic stability through foreign investments.