Islamabad: Prime Minister Shehbaz Sharif on Tuesday stressed the need to modernize Pakistan’s oil refineries, calling their upgradation a key step towards ensuring the country’s long-term energy security.
Chairing a meeting of the Cabinet Committee on Energy in Islamabad, the prime minister approved proposed changes to the Pakistan Oil Refining Policy 2023, aimed at speeding up reforms in the refining sector.
Shehbaz Sharif said the modernization of existing refineries would help Pakistan meet growing energy requirements, decrease dependence on imported fuels, and increase the production of cleaner petroleum products.
The prime minister also ordered reforms in the Oil and Gas Regulatory Authority (OGRA) to improve its performance, making it more efficient and responsive to changing market demands. He said these measures would promote competition, transparency, and investment opportunities in the energy sector.
Calling for immediate implementation of the revised policy, Shehbaz Sharif directed relevant ministries and departments to ensure timely execution of the reforms, adding that delays or negligence would not be accepted. He emphasized the importance of coordination among all stakeholders to complete the reform process quickly.
The prime minister reiterated that sustainable energy reforms, modern technology adoption, and an investment-friendly environment remain among the government’s top priorities.
He also instructed authorities to arrange investment roadshows in Qatar, Saudi Arabia, and other Gulf countries to present the amended Pakistan Oil Refining Policy 2023 for brownfield refinery projects and attract international investors.
Shehbaz Sharif appreciated the efforts of the petroleum minister and his team for preparing the proposed amendments.
The prime minister further directed officials to enhance Pakistan’s strategic petroleum reserves to improve the country’s energy preparedness.
During the meeting, officials briefed participants that upgrading existing refineries would increase production capacity and enable the manufacturing of Euro-4 and Euro-5 quality fuels. They added that cleaner fuel production would support Pakistan’s environmental commitments, reduce air pollution, and provide better-quality fuel to consumers.
Officials further stated that the amendments to the refining policy are aimed at promoting the production of environmentally friendly Euro-5 petrol and diesel while gradually reducing dependence on furnace oil and other low-value petroleum products.
