Pakistan’s Oil Refineries to Soon Boost Efficiency
Published on: April 25, 2024.
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ISLAMABAD: Pakistan is taking a significant leap towards energy security and economic development as three major oil refineries, namely Attock Oil Refinery, National Oil Refinery, and Pakistan Oil Refinery, prepare to finalize an agreement with the Oil and Gas Regulatory Authority (OGRA) under the Brownfield Refinery Policy.
The Brownfield Refinery Policy, endorsed by the Federal Cabinet in August last year, aims to incentivize existing refineries to modernize, upgrade, and expand their operations. This move is expected to bring about a new era in the country’s energy landscape by improving the efficiency and capacity of these refineries. Pakistan aims to reduce its reliance on imports and boost local production of petrol and diesel, while adhering to the rigorous Euro-V standards. This not only aligns with environmental objectives but also promises significant savings in foreign exchange expenditure.
OGRA, the regulatory authority responsible for overseeing the oil and gas sector, will play a crucial role in discussing the progress and implications of the forthcoming agreements with the refineries. The collaboration between OGRA and the refineries demonstrates a joint effort to drive Pakistan towards sustainable energy practices and strengthen its economic resilience.
In addition, the signing of the Brownfield Refinery Policy marks the beginning of a strategic partnership with the Special Investment Facilitation Council (SIFC), aimed at promoting the production of environmentally friendly fuel. This partnership underscores Pakistan’s commitment to embracing cleaner energy solutions and reducing its carbon footprint.
This initiative is a significant milestone for Pakistan’s energy sector, paving the way for enhanced energy security, economic growth, and environmental sustainability. By modernizing and expanding existing refineries, Pakistan is taking a crucial step towards reducing dependence on imports and promoting local production. With the cooperation of OGRA and the establishment of a partnership with SIFC, the country is poised to achieve its long-term energy goals.
Source: [https://en.wenews.pk](https://en.wenews.pk){:target=”_blank” rel=”nofollow”}
