ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday instructed authorities to expand Pakistan’s strategic petroleum reserves, calling refinery upgradation a “key pillar of Pakistan’s comprehensive energy security system”.
The premier made the remarks while chairing a meeting of the Cabinet Committee on Energy at the Prime Minister’s Office, where the proposed amendments to the Pakistan Oil Refining Policy, 2023, were approved, according to a statement issued by the PM Office.
During the meeting, PM Shehbaz said that the upgradation of oil refineries is an important need of the time, stressing that refineries aligned with modern requirements will not only better meet the country’s energy needs but will also prove helpful in reducing dependence on imported fuel and providing environment-friendly fuel.
It was said during the meeting that upgrading existing refineries was inevitable to increase their production capacity.
The production of fuel meeting Euro-4 and Euro-5 standards was termed essential for fulfilling Pakistan’s international environmental commitments, reducing air pollution, and providing better-quality fuel to the public.
PM Shehbaz directed that reforms be introduced to improve the Oil and Gas Regulatory Authority’s (Ogra) performance to promote competition, transparency, and investment in the energy sector.
He emphasised that effective and timely implementation of the new policy must be ensured, saying no negligence or delay in this regard will be tolerated under any circumstances.
The prime minister directed relevant ministries and institutions to expedite the reform process while maintaining close contact with all stakeholders.
He affirmed that the government will continue to take all possible measures to introduce sustainable reforms in the energy sector, promote modern technology, and provide a conducive environment for investment.
To promote the amended policy regarding brownfield refineries, the premier directed that roadshows be held in Qatar, Saudi Arabia, and other Gulf countries.
PM Shehbaz appreciated the petroleum minister and his team’s performance over the amendment to the refining policy on brownfield refineries.
The meeting was given a detailed briefing on the progress of upgradation of oil refineries in the country, reforms in the energy sector, and implementation of the policy.
The meeting was informed that the amendments made to the policy aimed to ensure the production of environment-friendly petrol and diesel compliant with Euro-V standards and to reduce furnace oil and low-quality petroleum products.
Federal ministers Ahad Khan Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, Ahsan Iqbal, relevant federal secretaries, and senior government officials attended the meeting.
