Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Tuesday underscored the importance of modernizing Pakistan's oil refineries, describing their upgradation 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 accelerating reforms in the refining sector.
Shehbaz Sharif said upgrading existing refineries would help meet Pakistan's rising energy demand, reduce reliance on imported fuels, and boost the production of cleaner, environmentally friendly petroleum products.
The prime minister also directed reforms within the Oil and Gas Regulatory Authority (OGRA) to enhance its efficiency and ensure it responds more effectively to market needs.
He said the changes should encourage greater competition, transparency, and investment across the energy sector.
Emphasizing the need for swift implementation, Shehbaz Sharif instructed the relevant ministries and institutions to enforce the revised policy without delay, warning that negligence or unnecessary procrastination would not be tolerated.
He also called for close coordination among all stakeholders to expedite the reform process.
Reaffirming the government's commitment to the energy sector, the prime minister said sustainable reforms, the adoption of modern technologies, and the creation of an investor-friendly environment would remain key priorities.
He further directed authorities to organize investment roadshows in Qatar, Saudi Arabia, and other Gulf countries to showcase the amended Pakistan Oil Refining Policy 2023 for brownfield refinery projects and attract foreign investment.
He also commended the petroleum minister and his team for finalizing the proposed policy amendments.
The prime minister instructed the relevant authorities to strengthen Pakistan's strategic reserves of petroleum products to enhance the country's energy preparedness.
During the meeting, officials said upgrading existing refineries is essential to increase production capacity and enable the manufacturing of Euro-4 and Euro-5 standard fuels.
They noted that producing cleaner fuels would help Pakistan meet its international environmental commitments, reduce air pollution, and provide consumers with higher-quality fuel.
The meeting was also informed that the amendments to the Pakistan Oil Refining Policy 2023 are designed to promote the production of environmentally friendly Euro-5 petrol and diesel, while gradually reducing the output of furnace oil and other low-value petroleum products.