Summary Cabinet approves amendments to Pakistan Oil Refining Policy 2023, promoting refinery upgrades, Euro-V fuels, energy security, and foreign investment.
ISLAMABAD (Dunya News) – The Cabinet Committee on Energy, chaired by Prime Minister Shehbaz Sharif, has approved proposed amendments to the Pakistan Oil Refining Policy 2023 aimed at upgrading the country's existing oil refineries and strengthening energy security.
The meeting, held at the Prime Minister's House, focused on reforms in the energy sector and the implementation of the revised refining policy.
Addressing the meeting, the prime minister said the upgradation of oil refineries was a pressing national requirement and a key pillar of Pakistan's comprehensive energy security framework. He said modern, internationally compliant refineries would not only better meet the country's energy needs but also reduce reliance on imported fuels while increasing the supply of environmentally friendly petroleum products.
The committee was informed that upgrading existing refineries is essential to enhance production capacity. Officials said the production of Euro-4 and Euro-5 standard fuels is necessary to meet Pakistan's international environmental commitments, reduce air pollution, and provide consumers with higher-quality fuel.
Prime Minister Shehbaz directed the introduction of reforms to improve the performance of the Oil and Gas Regulatory Authority (OGRA) and ensure the energy market better meets industry requirements. He said the reforms should promote competition, transparency, and investment in the energy sector.
He stressed that the amended policy must be implemented effectively and without delay, warning that any negligence or unnecessary postponement would not be tolerated. He instructed the relevant ministries and institutions to accelerate the reform process through close coordination with all stakeholders.
The prime minister also reaffirmed the government's commitment to pursuing sustainable reforms, encouraging the adoption of modern technologies, and creating a business-friendly environment to attract investment in the energy sector.
He directed authorities to organize roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023 for brownfield refinery projects and attract foreign investment.
Prime Minister Shehbaz also praised Petroleum Minister Ali Pervaiz Malik and his team for their work on the policy amendments relating to brownfield refineries.
In addition, he instructed the relevant authorities to increase Pakistan's strategic reserves of petroleum products.
During the meeting, participants received a detailed briefing on refinery upgradation, energy sector reforms, and progress on policy implementation. Officials said the amendments to the Pakistan Oil Refining Policy 2023 are designed to ensure the production of Euro-V-compliant petrol and diesel, while reducing the output of furnace oil and other low-grade petroleum products.
The meeting was attended by Federal Ministers Ahsan Iqbal, Ahsan Khan Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, senior federal secretaries, and other high-ranking government officials.
