Cabinet committee approves proposed amendments to Pakistan Oil Refining Policy, 2023
ISLAMABAD
Prime Minister (PM) Shehbaz Sharif has said upgradation of oil refineries is need of hour and it is a key pillar of comprehensive Energy Security of Pakistan.
Meeting of Cabinet Committee on Energy was held under him in PM house Islamabad Tuesday
PM held that the refineries co nforming to modern requirements will not only meet the requirements of the country in better way but will prove instrumental in lessening the dependence on imported fuel and facilitate producing environment friendly fuel.
The meeting was informed during briefing that the upgradation of existing refineries is essential to enhance their production capability
Production of Euro-4 and Euro-5 compliant fuels is necessary necessary to fulfill Pakistan’s international environmental commitments, reduce air pollution and provide higher-quality fuel to consumers.
PM directed that reforms be introduced to improve the performance of OGRA and to meet the needs of market so that competition, transparency and investment are promoted in energy sectorl
PM stressed that following the introduction of new policy its timely and effective implementation be ensured. No negligence or slackness will be tolerated in this regard.
He directed the respective ministries and institutions to gear up the reform process while remaining in close contact with the stake holders.
He said government will continue all possible measures for durable reforms, promotion of modern technology and provision of conducive environment for investment.
He directed to hold road shows in Qatar, Saudi Arabia, and other Gulf states to promote the amended Pakistan Oil Refining Policy 2023 for brownfield refineries and attract investment. He directed to enhance strategic reserves of petroleum products in the country.
Detailed briefing was given in the meeting on upgradation of oil refineries, reforms in energy sector and progress in implementation of the policy.
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.
The meeting was attended by federal ministers Ahad Khan Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, Ahsan Iqbal , respective federal secretaries and senior officials.
