Pakistan to sign refinery upgrade agreements within 7-10 days, says petroleum minister

Petroleum Minister Ali Pervaiz Malik said Pakistan expects to sign refinery agreements within roughly a week or ten days, moving forward on upgrades that have been delayed for years. The News reported that a draft upgradation agreement reached refineries on Thursday, with signing targeted before the month ends. Following the upgrades, the plants would accept every grade of crude, including heavier and lighter varieties.

At the Pakistan Energy Conference 2026, hosted by the Petroleum Institute of Pakistan, Malik said predictable policy is needed to attract investment in offshore exploration, where investors commit over a hundred million dollars per well. He also argued that winning explorers should be permitted to hold on to profits and plough them back into facilities that develop discoveries. Mari Petroleum, Pakistan Petroleum Limited and Oil and Gas Development Company Limited are among the local firms taking part in offshore work, which has been revived after a two-decade gap.

Malik also noted that the Cabinet Committee on Energy was reactivated and should meet every two months, while the government is collaborating with the World Bank on restructuring the gas sector. On diesel, he said companies had agreed to offer some relief through lower prices. Pakistan Petroleum Dealers Association chairperson Malik Khuda Baksh said further refinery upgrades could allow additional diesel price cuts and urged the government to speed up the process.