Pakistan’s three major refineries ink upgrade agreements with govt

Cnergyico Pk, Attock Refinery and National Refinery have signed upgrade agreements with Inter State Gas Systems (ISGS), a government-owned gas firm, according to Business Recorder. The deals were executed in Islamabad and disclosed to the Pakistan Stock Exchange through company notices. ISGS was named the implementation entity for the upgrade projects by the Petroleum Division.

The agreements fall under the amended 2023 refinery policy, which aims at cleaner fuels and compliance with international fuel standards. Attock Refinery called the signing a major step toward better operational efficiency and Euro-V standard fuel output. National Refinery described it as a breakthrough in modernising its facilities and strengthening supply-chain resilience.

The Federal Cabinet has set October 1, 2026 as the deadline for refineries to sign upgrade agreements with the Ministry of Energy. Penalties, including a cut in deemed duty on HSD, apply to refineries that miss the date. In August, the five refineries had expected to unlock about $6 billion in investment through such agreements.