Four oil refineries sign upgrade agreements

On Thursday, four of the country's five domestic refineries inked formal upgrade deals with the government, according to Business Recorder. The arrangements are expected to channel roughly USD 6 billion into the sector over a five-year period. The projects are part of a push to modernise domestic refining and strengthen long-term energy security, led by Petroleum Minister Ali Pervaiz Malik.

Under the Brownfield Petroleum Refining Policy 2026, Inter State Gas Systems (ISGS) has been assigned to carry out and supervise the deals, taking the task away from OGRA. Attock Refinery, National Refinery, Pakistan Refinery and Cnergyico Petroleum were the signatories, meeting at the offices of the Inter State Gas Company, a Petroleum Division subsidiary. Sources cited by the paper said Pak Arab Refinery (Parco) was not part of the signing, and three listed refineries informed the Pakistan Stock Exchange of the development through notices.

The timeline shifted after the Federal Cabinet added further amendments in September 2026 and set October 1, 2026 as the deadline for signing with the Ministry of Energy (Petroleum Division) rather than OGRA. In August, all five refineries had said they expected to sign in early September. The policy, which replaces all earlier refining frameworks, requires existing plants to lift the quality and volume of their output and adjust their product mix through upgrades.