Pakistan's five refineries ready to sign $6bn upgradation agreements next month

Mettis Global reported that all five oil refineries in Pakistan have confirmed readiness to sign agreements under the Brownfield Refinery Upgradation Policy, with the signing anticipated early next month. The planned investment in refining totals nearly $6bn across the sector. The upgrades aim to allow domestic production of Euro 5 compliant fuel, a change that could reduce dependence on imported petrol and diesel.

The Federal Minister for Petroleum, Ali Pervaiz Malik, met the managements of the five refineries to review upgrade progress and their financial and operational performance. In a separate session with PARCO, he was briefed on plans for a proposed Oil City in Hub, designed to serve as an energy terminal combined with storage. He also praised PARCO for keeping supplies steady through the Strait of Hormuz crisis.

The minister said timely signing was necessary for the programme and that the government would help resolve any implementation issues. Managing directors of Cnergyico, NRL and ARL told him their companies had completed preparations, while ARL's head called for upgrading existing plants to match shifting global conditions and fuel norms.