Prime Minister Shehbaz Sharif has emphasized the need for the upgradation of oil refineries as it constitutes a key pillar of Pakistan’s comprehensive energy security framework. He was chairing a meeting of Cabinet Committee on Energy in Islamabad today that approved the proposed amendments to the Pakistan Oil Refining Policy 2023. The Prime Minister said the modern refineries will not only help meet the country’s growing energy requirements but also reduce dependence on imported fuels and facilitate the production of environment-friendly fuels. Shehbaz Sharif also directed the introduction of reforms in the Oil and Gas Regulatory Authority (OGRA) to improve its performance and better meet market requirements, with a view to promoting competition, transparency and investment in the energy sector. He emphasized that the amended policy should be implemented effectively and without delay, warning that any negligence or unnecessary delay would not be tolerated. He directed the relevant ministries and institutions to accelerate the reform process while maintaining close coordination with all stakeholders. He reiterated that the government will continue to pursue sustainable reforms in the energy sector, promote modern technologies and create an investment-friendly environment. Shehbaz Sharif also directed that roadshows be organized in Qatar, Saudi Arabia and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023 for brownfield refineries and attract investment. He appreciated the Minister for Petroleum and his team for their efforts in finalizing the amendments to the refining policy relating to brownfield refineries. The Prime Minister also directed the relevant authorities to enhance Pakistan’s strategic reserves of petroleum products. The meeting was informed that upgrading the existing refineries is essential to enhance their production capacity. It was briefed that the production of Euro-4 and Euro-5 compliant fuels is necessary to fulfill Pakistan’s international environmental commitments, reduce air pollution and provide higher-quality fuel to consumers. It was informed that the amendments to the Pakistan Oil Refining Policy 2023 are intended to ensure the production of environmentally friendly Euro-V compliant petrol and diesel while reducing the production of furnace oil and other low-value petroleum products.<\/p>\n","protected":false},"excerpt":{"rendered":"
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