Pakistan refineries set to ink $6bn upgrade deals
In a major development, Pakistan’s five oil refineries have agreed to move ahead with modernisation agreements that could unlock more than $6 billion in investment and enable domestic production of Euro 5-compliant fuel, reducing reliance on imported petrol and diesel. The development came after Federal Minister for Petroleum Ali Pervaiz Malik held meetings with the managements of Pakistan’s five…
Pakistan's five oil refineries have reached agreements to invest over $6 billion in modernizing their facilities. This development, announced by Federal Minister for Petroleum Ali Pervaiz Malik, will enable the refineries to produce Euro 5-compliant fuel domestically, reducing the nation's reliance on imported petrol and diesel.
The refinements are necessary for Pakistan's long-term energy security and sustainability. During meetings with the refineries' management, Malik praised their efforts during the Strait of Hormuz crisis and emphasized that timely signing of the agreements is crucial for the upgradation program. The government will continue to support refineries in addressing any implementation issues.
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