$6 Billion Upgrade Push for Pakistan's Oil Refineries
Pakistan's oil refineries are on the cusp of a major upgrade push worth $6 billion, aimed at increasing refining capacity and reducing reliance on imported fuels. The five refineries - Pak Arab Refinery Limited (PARCO), Pakistan Refinery Limited (PRL), National Refinery Limited (NRL), Cnergyico, and Attock Refinery Limited (ARL) - are expected to sign agreements in early September for the upgrades under a new policy.
The upgrade program will enable Pakistani refineries to produce Euro-5 compliant fuels with ultra-low sulfur content, which is currently imported from other countries. This move is crucial for strengthening domestic supply resilience and advancing Pakistan's broader energy security objectives, according to Federal Minister for Petroleum Ali Pervaiz Malik.