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–Prime Minister Shehbaz Sharif approves amendments to the Pakistan Oil Refining Policy 2023, directing refinery upgrades, energy sector reforms and stronger strategic petroleum reserves to enhance Pakistan’s energy security.
Aftab Maken
ISLAMABAD: The Cabinet Committee on Energy (CCoE), chaired by Prime Minister Shehbaz Sharif, on Tuesday approved proposed amendments to the Pakistan Oil Refining Policy 2023 aimed at modernizing the country’s refining sector, improving fuel quality and strengthening energy security.
The meeting, held at the Prime Minister’s House, endorsed changes to the policy designed to facilitate the upgradation of existing oil refineries and encourage investment in the petroleum sector.
Addressing the meeting, the prime minister said upgrading oil refineries was a national priority and a key pillar of Pakistan’s long-term energy security strategy. He said modern refineries would help meet the country’s growing energy needs, reduce dependence on imported fuels and ensure the production of cleaner, environmentally friendly petroleum products.
The meeting was informed that expanding the production capacity of existing refineries was essential to meet future energy demand. Officials said the production of Euro-4 and Euro-5 standard fuels was necessary to fulfill Pakistan’s international environmental commitments, reduce air pollution and provide consumers with higher-quality fuels.
Prime Minister Shehbaz also directed authorities to introduce reforms in the Oil and Gas Regulatory Authority (OGRA) to improve its performance and ensure the regulator responds more effectively to market requirements. He said the reforms should promote greater competition, transparency and investment across the energy sector.
The prime minister instructed the relevant ministries and institutions to ensure the timely and effective implementation of the revised policy, warning that any delay or negligence would not be tolerated. He also directed officials to maintain close coordination with all stakeholders to accelerate the reform process.
To attract foreign investment, Shehbaz ordered the organization of roadshows in Qatar, Saudi Arabia and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023, particularly opportunities related to brownfield refinery projects.
He also appreciated Petroleum Minister Ali Pervaiz Malik and his team for their work on the amendments to the refinery policy.
The prime minister further directed authorities to increase Pakistan’s strategic reserves of petroleum products to strengthen the country’s preparedness against potential supply disruptions.
The meeting received a detailed briefing on refinery upgradation, progress on energy sector reforms and implementation of the refining policy. Officials said the amendments aim to ensure the production of environmentally compliant Euro-5 petrol and diesel while reducing the output of furnace oil and other low-value petroleum products.
The meeting was attended by Federal Ministers Ahsan Iqbal, Muhammad Aurangzeb, Ali Pervaiz Malik and Ahsan Iqbal, along with senior government officials and federal secretaries from the relevant ministries.
