ISLAMABAD: In a significant step towards enhancing Pakistan’s energy security and economic development, three major oil refineries, Attock Oil Refinery, National Oil Refinery, and Pakistan Oil Refinery are set to finalize an agreement with the Oil and Gas Regulatory Authority (OGRA) under the Brownfield Refinery Policy.
According to a report from the state news television, the policy, endorsed by the Federal Cabinet in August last year, aims to incentivize existing refineries to modernize, upgrade, and expand their operations.
The imminent signing of this agreement heralds a new era in the country’s energy landscape. By enhancing the efficiency and capacity of these refineries, Pakistan endeavors to diminish its dependence on imports and bolster local production of petrol and diesel, in compliance with rigorous Euro-V standards. This strategic maneuver not only aligns with environmental objectives but also promises substantial savings in foreign exchange expenditure.
OGRA, the regulatory authority overseeing the oil and gas sector, will hold an important meeting with the refineries to discuss the progress and implications of the forthcoming agreements. The collaboration between OGRA and the refineries underscores a concerted effort to propel Pakistan towards sustainable energy practices while reinforcing its economic resilience.
Furthermore, the signing of the Brownfield Refinery Policy signifies the initiation of a strategic partnership with the Special Investment Facilitation Council (SIFC), aimed at fostering the production of environmentally friendly fuel. This alliance highlights Pakistan’s commitment to adopt cleaner energy solutions and reduce its carbon footprint.
