Petroleum minister assures refineries of full support on upgradation, says agreements to be signed next week

Petroleum Minister Ali Pervaiz Malik held talks with the management of several leading refineries in Karachi on Thursday, pledging government backing for their upgradation plans. According to Profit by Pakistan Today, citing The News, the discussions covered financial close and completion of planned investments. The minister was briefed on Pakistan Refinery Limited's proposed project, estimated at $1.8 billion to $2 billion, which aims to lift products to Euro-5 standards and double output.

Attock Refinery's chief executive, Adil Khattak, said the company's next project would bring its products in line with Euro-5 norms and raise motor gasoline output by 25%. The company said it had been ready to sign upgradation agreements for nearly two years, but the process was held up by pending government formalities. Refinery representatives said the minister had assured the industry that the agreements would be signed in the coming week, no later than Friday.

The industry also welcomed the government's move to daily petroleum product pricing, which it described as a long-standing demand that smoothed out swings in product lifting. Representatives added that the government has commissioned an international consultancy study on establishing strategic petroleum reserves, which Pakistan currently lacks.