Pakistan's Oil Refineries Set To Enhance Efficiency Under Brownfield Refinery Policy

ISLAMABAD, (UrduPoint / Pakistan Point News - 17th Apr, 2024) In a significant move towards bolstering Pakistan's energy security and economic development, three major oil refineries – Attock Oil Refinery, National Oil Refinery, and Pakistan Oil Refinery – are poised to ink an agreement with the Oil and Gas Regulatory Authority (OGRA) under the Brownfield Refinery Policy.

The policy, endorsed by the Federal Cabinet in August last year, was designed to incentivize existing refineries to modernize, upgrade, and expand their operations, ptv reported.

The forthcoming agreement, scheduled for imminent signing, heralds a new era in the country's energy landscape.

By augmenting the efficiency and capacity of these refineries, Pakistan aims to reduce its reliance on imports and bolster local production of petrol and diesel, adhering to stringent Euro-V standards.

This strategic move not only aligns with environmental goals but also promises significant savings in foreign exchange expenditure.

OGRA, the regulatory body overseeing the oil and gas sector, is set to convene a crucial meeting with the refineries to deliberate on the progress and implications of the impending agreements.

The collaboration between OGRA and the refineries underscores a concerted effort to propel Pakistan towards sustainable energy practices while fortifying its economic resilience.

Moreover, the signing of the Brownfield Refinery Policy marks the initiation of a strategic partnership with the Special Investment Facilitation Council (SIFC), aimed at fostering the production of environmentally friendly fuel.

This alliance underscores Pakistan's commitment to embracing cleaner energy solutions and reducing its carbon footprint.

In essence, the implementation of the Brownfield Refinery Policy represents a pivotal step towards achieving energy self-sufficiency and fostering economic growth in Pakistan.