Pakistan's Refinery Modernization Push Gains Momentum with $4.5-5 Billion Investments
Pakistan's long-delayed refinery modernization program is gaining momentum as five domestic refineries plan to invest $4.5-5 billion in green fuel, capacity expansion, and related upgrades.
The upgrade push, led by Pak-Arab Refinery Company (Parco), will be implemented under the revised Brownfield Refineries Upgradation Policy, which requires refineries to sign agreements within 45 days.
Parco has committed $600 million to a green fuel project that will see it shift completely from Euro-III to Euro-V specifications and reduce furnace oil output to 10-11% in the first phase.
Pakistan Refinery Limited (PRL) is planning a $1.8-2 billion bottom-of-barrel project that will double its crude refining capacity from 50,000 barrels per day to 100,000 BPD and eliminate furnace oil production.