Pakistan's Refinery Modernization Program Gains Momentum with Billions of Dollars in Investments
Pakistan's long-awaited refinery modernization program is finally moving forward after years of delays. The government has announced that five major domestic refineries are preparing to invest between $4.5 billion and $5 billion in projects aimed at reducing furnace oil production, improving fuel quality, and expanding refining capacity.
The refineries involved include Pak Arab Refinery Company, Pakistan Refinery Limited, Attock Refinery Limited, Cnergyico Pakistan Limited, and National Refinery Limited. The government is working to finalize implementation agreements with all five companies, which are expected to be signed at a high-level ceremony attended by Prime Minister Shehbaz Sharif.
Pak Arab Refinery Company has agreed to move forward with a $600 million green fuel project after conducting two studies to determine the most suitable modernization option. The company plans to sign its implementation agreement within the required 45-day timeframe, which is shorter than the previous 60-day period.