Pakistan’s three major oil refineries—Attock Oil Refinery, National Oil Refinery, and Pakistan Oil Refinery—are set to finalize an agreement with the Oil and Gas Regulatory Authority (OGRA) under the Brownfield Refinery Policy.
This significant move aims to enhance the efficiency and capacity of these refineries, thereby bolstering the country’s energy security and fostering economic development.
Approved by the Federal Cabinet in August last year, the Brownfield Refinery Policy incentivizes existing refineries to upgrade, modernize, and expand their operations.
OGRA is slated to convene a meeting with the refineries to discuss the progress of signing the agreements.
The signing of these agreements is crucial to facilitate refineries in their plans to upgrade and produce Euro-V compliant fuel.
This collaboration also signals the initiation of a strategic partnership with the Special Investment Facilitation Council (SIFC) to promote the production of environmentally friendly fuel.
The implementation of the Brownfield Refinery Policy is expected to ramp up local production of petrol and diesel meeting Euro-V standards, thereby reducing reliance on imports and conserving foreign exchange reserves.
