{
  "id": 2305511,
  "title": "Govt To Sign Refinery Upgrade Deals Within 10 Days",
  "url": "https://urgent.news/2026/08/21/govt-to-sign-refinery-upgrade-deals-within-10-days",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-21T04:37:11.000Z",
  "source": {
    "name": "ProPakistani",
    "slug": "propakistani",
    "url": "https://propakistani.pk/2026/08/21/govt-to-sign-refinery-upgrade-deals-within-10-days/"
  },
  "original_language": "en",
  "account": "Pakistan's refineries are set to sign government agreements within 10 days to commence long-pending modernization projects, according to Petroleum Minister Ali Pervaiz Malik. The government has provided the draft agreement to refineries and anticipates the signings by the end of August. These upgrades will enable refineries to process a broader range of crude oil types, as per the minister. This initiative is part of Pakistan's broader strategy to boost domestic refining capacity and lessen reliance on imported petroleum products. Malik informed a national daily that the government's refined policy is now in place, and agreements with refineries are under finalization. He emphasized the significance of predictable policies to lure investment in Pakistan's upstream oil and gas sector. Malik also highlighted that offshore exploration, after a two-decade hiatus, has commenced with participation from companies such as Mari Petroleum, Pakistan Petroleum Limited, and Oil and Gas Development Company Limited. He stressed that offshore exploration could necessitate investments exceeding $100 million per well, underscoring the importance of policy stability and medium-term visibility for investors. Successful explorers should be allowed to retain profits and reinvest them in infrastructure essential for developing discoveries. The government is also collaborating with the World Bank on gas sector reforms, including separating infrastructure from energy businesses and fostering competition. Malik noted that energy sector circular debt flows have been maintained near zero without raising consumer tariffs. The Cabinet Committee on Energy, chaired by Prime Minister Muhammad Shehbaz Sharif, has been reactivated and is set to convene bi-monthly to assess developments across the energy value chain. Malik Khuda Baksh, Chairperson of Pakistan Petroleum Dealers Association, suggested that refinery upgrades could pave the way for further diesel price reductions by boosting domestic production and curbing reliance on imported crude and refined petroleum products. Baksh urged the government to expedite the upgrade program so domestic production can keep pace with demand, and any resulting cost savings could be conveyed to consumers.",
  "summary": "Pakistan’s refineries are expected to sign agreements with the government within the next seven to 10 days to move forward … Read More The post Govt To Sign Refinery Upgrade Deals Within 10 Days appeared first on ProPakistani .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}