Pakistan refineries set to ink $6bn upgrade deals

Business Recorder reported that Pakistan's five oil refineries have agreed to proceed with modernisation agreements that could draw over $6 billion of new capital into the sector. The upgrades would let the country make Euro 5-compliant fuel, which the government says would lessen dependence on imported petrol and diesel. Federal Minister for Petroleum Ali Pervaiz Malik reviewed the programme with the managements of the five refineries during a series of meetings.

The managements of all five companies confirmed they are ready to sign under the Refinery Upgradation Policy, with signings expected early next month. Malik stressed that timely execution is imperative, and said the government will keep helping refineries resolve any implementation issues. The Managing Director of Attock Refinery also highlighted the need to upgrade existing plants to keep pace with shifting worldwide conditions and evolving fuel standards.

PARCO was praised for keeping operations running during the Strait of Hormuz crisis, and the minister was briefed on the proposed Oil City terminal in Hub. Malik said continuity of petroleum supplies and resilient supply chains remain essential to energy security. The account draws on a statement issued on Friday.