ISLAMABAD – Prime Minister Shehbaz Sharif has underlined the importance of modernizing Pakistan’s oil refineries, describing refinery upgrades as a vital component of the country’s long-term energy security strategy.
Chairing a meeting of the Cabinet Committee on Energy in Islamabad, the prime minister approved proposed amendments to the Pakistan Oil Refining Policy 2023, aimed at improving the performance and efficiency of existing refineries.
He said modern refinery infrastructure would help Pakistan meet its increasing energy demand, reduce reliance on imported petroleum products, and support the production of cleaner, environmentally friendly fuels.
The prime minister also instructed authorities to introduce reforms in the Oil and Gas Regulatory Authority (OGRA) to strengthen its regulatory performance, encourage greater competition, improve transparency, and create a more attractive environment for investment in the energy sector.
Emphasizing the need for swift implementation, Shehbaz Sharif directed all relevant ministries and institutions to carry out the revised policy without unnecessary delays and to maintain close coordination with stakeholders throughout the process. He reiterated the government’s commitment to advancing sustainable energy reforms, promoting modern technologies, and fostering an investor-friendly climate.
To attract foreign investment, the prime minister also called for promotional roadshows in Qatar, Saudi Arabia, and other Gulf countries to highlight opportunities under the revised Pakistan Oil Refining Policy 2023, particularly for brownfield refinery projects. He commended the petroleum minister and his team for completing the proposed policy amendments.
During the meeting, the prime minister also instructed the concerned authorities to strengthen Pakistan’s strategic petroleum reserves to improve energy preparedness.
Officials informed the meeting that upgrading existing refineries is necessary to increase production capacity and enable the manufacture of Euro-4 and Euro-5 standard fuels. They said cleaner fuel production would help Pakistan meet international environmental commitments, reduce harmful emissions, and provide higher-quality fuel to consumers.
The meeting was further informed that the revised policy is designed to promote the production of Euro-V compliant petrol and diesel while gradually reducing the output of furnace oil and other lower-value petroleum products.
