Government approves amendments to Pakistan Oil Refining Policy 2023 to boost Euro-5 fuel production and attract investment.
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday approved key amendments to the Pakistan Oil Refining Policy 2023, saying that modernising the country’s oil refineries is vital for strengthening national energy security, reducing dependence on imported petroleum products, and ensuring the production of cleaner fuels.
The approval came during a meeting of the Cabinet Committee on Energy chaired by the prime minister, where officials presented the proposed amendments to the refining policy for brownfield refineries.
During the briefing, the committee was informed that upgrading Pakistan’s existing refineries is essential to increase production capacity and enable the manufacture of Euro-4 and Euro-5 standard fuels. Officials said the move would help Pakistan meet its international environmental commitments, reduce air pollution, and provide consumers with cleaner and higher-quality petrol and diesel.
Prime Minister Shehbaz directed authorities to introduce reforms aimed at improving the performance of the Oil and Gas Regulatory Authority (OGRA). He said the reforms should promote greater competition, transparency, and investment in the country’s energy sector while ensuring the regulator responds effectively to market requirements.
The prime minister stressed that the amended policy must be implemented efficiently and without delay, warning that negligence in its execution would not be tolerated. He instructed all relevant ministries and institutions to remain in close coordination with stakeholders to accelerate the implementation process.
Reaffirming the government’s commitment to transforming Pakistan’s energy sector, Shehbaz said sustainable reforms, the adoption of modern technologies, and the creation of an investor-friendly environment would remain among the government’s top priorities.
He also directed the authorities to organise investment roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023 and encourage foreign investment in brownfield refinery projects.
The prime minister commended Petroleum Minister Ali Pervaiz Malik and his team for their work on the policy amendments and instructed officials to increase Pakistan’s strategic petroleum reserves to strengthen the country’s energy resilience.
Officials informed the committee that the revised policy aims to increase the production of environmentally friendly Euro-5 compliant petrol and diesel while significantly reducing the output of furnace oil and other low-quality petroleum products.
The meeting was attended by federal ministers Ahad Khan Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, and Ahsan Iqbal, along with senior government officials and relevant federal secretaries involved in Pakistan’s energy sector reforms.