Pakistan's five major oil refineries are set to sign agreements under the government's refinery upgradation policy early next month, potentially unlocking around $6 billion in investment to modernise the country's refining sector. According to the press note, Petroleum Minister Ali Pervaiz Malik held separate meetings in Karachi with the managements of Pak Arab Refinery Limited (Parco), Pakistan Refinery Limited (PRL), National Refinery Limited (NRL), Cnergyico and Attock Refinery Limited (ARL) to review progress on the brownfield refinery upgrade programme, refinery performance and measures to strengthen energy security.

The management of all five refineries reaffirmed their readiness to sign the agreements, saying they have completed the required preparations and are now positioned to move into the implementation phase. The planned investments are expected to transform Pakistan's ageing refining infrastructure and enable domestic production of Euro 5-compliant petrol and diesel, reducing the country's dependence on imported refined petroleum products.

The petroleum minister said timely implementation of the policy is essential for the long-term sustainability of the refining industry and can help improve the quality and efficiency of locally produced fuels. He added that greater domestic production of higher-quality fuels can reduce reliance on imports and potentially help lower the cost of petrol and diesel compared with imported products.

During his meeting with Parco, Malik was briefed on the company's financial and operational performance as well as its plans to reinforce Pakistan's petroleum supply chain. The refinery chiefs told him that their respective companies have completed the necessary preparations and are ready to sign the agreements as the government reiterated its commitment to facilitating required investments.