Tarin Seeks Proposals On Refinery Policy

Tarin seeks proposals on refinery policy

Federal Minister for Finance and Revenue, Shaukat Tarin Wednesday directed the concerned officers of Finance Division and Chairman Federal Board of Revenue (FBR) to come with concrete proposals regarding the proposed refinery policy

ISLAMABAD, (UrduPoint / Pakistan Point News - 2nd Jun, 2021 ) :Federal Minister for Finance and Revenue, Shaukat Tarin Wednesday directed the concerned officers of Finance Division and Chairman Federal board of Revenue (FBR) to come with concrete proposals regarding the proposed refinery policy.

Chairing a meeting with the delegation of representatives of oil refineries operating in the country, the minister directed that proposals should be made in consultation with all stakeholders including representatives of oil refineries, Ministry of Petroleum and other relevant forums.

According to press statement issued by the Finance Ministry, these representatives informed the minister that oil refineries operating in Pakistan cater to 55% of petroleum needs of the country and directly contribute to energy security.

Installation of oil refineries requires heavy investment, they said adding that last refineries policy was announced by the government in 1997.

Since 1997, due to change in realities on the ground, working for oil refineries has become more difficult with the passage of time.

They said oil refineries currently were facing multiple problems including decline in profit margins. They sought government support for increased investments to meet the requirement of Euro-v fuels and value added products through installation of deep conversion refineries.

Among others, the meeting was attended by Federal Minister for Power, Hammad Azhar; SAPM on Power, Tabish Gauhar; SAPM on Finance and Revenue, Dr Waqar Masood; Adviser to PM on Institutional Reforms and Austerity, Dr Ishrat Hussain; Secretary Finance, Secretary Petroleum, Chairman FBR, DG Oil and Petroleum Division, Member Board of Directors PARCO & PRL and consultant Attock Refinery Limited