2 Major Refineries Sign Govt Deals for Upgrades

Cnergyico Pk Limited and Attock Refinery Limited have inked significant deals with Inter State Gas Systems (ISGS) to upgrade their refineries, under Pakistan's government-approved 2023 policy for refining modernization. Cnergyico signed its Upgradation Agreement with ISGS on September 24, after receiving approval from the Economic Coordination Committee (ECC) of the Cabinet, under the policy that was amended in August 2026.

ISGS has been designated as the implementation entity for Cnergyico's refinery upgrade project. The company expressed gratitude for the government's support in the modernization of the refining sector and reaffirmed its commitment to upgrading and modernizing its refinery.

Attock Refinery Limited, on the other hand, had successfully executed its own Upgradation Agreement with ISGS, which was mandated by the Ministry of Energy's Petroleum Division under the same policy. The agreement marks a major milestone in Attock Refinery's efforts to modernize its existing refinery infrastructure, enhance operational efficiency, improve product quality, produce Euro V standard fuels, and contribute towards a more sustainable and secure energy future for Pakistan.

The Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries was introduced in 2023 with the objective of modernizing Pakistan's refineries, improving fuel quality, increasing domestic production of petrol and diesel, and reducing oil output from furnace oil. The policy was subsequently amended in 2024 and again in August 2026 due to prolonged delays in implementation. The upgraded agreements are expected to attract approximately $6 billion in investments across Pakistan's five major refineries.