Upgraded Refineries Set to Produce Euro-5 Standard Fuel Locally
Refinery Upgrades Expected to Attract Over $6 Billion in Investment
Federal Minister Ali Pervaiz Malik Highlights Energy Security Boost and Reduced Import Dependency.KARACHI: Federal Minister for Petroleum Ali Pervaiz Malik announced that all five oil refineries in Pakistan are fully prepared to sign upgrade agreements under the Brownfield Refinery Upgrade Policy early next month. During his visit to Karachi, the minister reviewed the implementation of the upgrade policy, the financial and operational performance of the refineries, and national energy security measures.
The planned modernization project is expected to bring in over $6 billion in investment to Pakistan’s energy sector. Minister Ali Pervaiz Malik emphasized that upgrading these facilities is critical for the long-term sustainability of the domestic refining industry. Once operational, the upgraded refineries will enable the local production of Euro-5 standard fuels, significantly reducing Pakistan’s reliance on imported petrol and diesel.
Highlighting the economic benefits, the minister noted that increasing local fuel production could also help stabilize and reduce domestic fuel prices. He assured the refinery management that the government would continue to facilitate and resolve any policy implementation challenges. During the meeting, PARCO management also briefed the Petroleum Minister on the progress of the proposed Oil City project in Hub.
