The Cabinet Committee on Energy has approved proposed amendments to the Pakistan Oil Refining Policy 2023, with Prime Minister Shehbaz Sharif directing authorities to expand the country’s strategic petroleum reserves and accelerate reforms in the energy sector.
Chairing the committee’s meeting, the prime minister said modernising Pakistan’s oil refineries was essential to meeting the country’s growing energy needs.
“Upgrading oil refineries is the need of the hour,” Shehbaz said, adding that modern facilities would improve energy security, reduce dependence on imported fuels and enable the production of environmentally friendly petroleum products.
PM orders swift implementation
The prime minister directed officials to ensure the revised policy is implemented effectively and without delay.
“After the implementation of the new policy, its effective and timely implementation should be ensured. No negligence or delay will be tolerated,” he said.
He instructed the relevant ministries to expedite reforms in consultation with all stakeholders.
Focus on refinery upgrades
Officials briefing the meeting said upgrading existing refineries was critical to increasing domestic refining capacity and improving the quality of petroleum products.
The government believes refinery modernisation will help strengthen Pakistan’s energy infrastructure while reducing reliance on imported refined fuels.
OGRA reforms, investment push
Shehbaz also directed the Oil and Gas Regulatory Authority (OGRA) to introduce reforms aimed at improving efficiency and responding to market requirements.
He said the reforms should promote competition, transparency and greater private-sector investment in the energy sector.
The prime minister reaffirmed the government’s commitment to pursuing sustainable reforms, adopting modern technology and creating a business-friendly environment for investors.
Strategic fuel reserves
During the meeting, Shehbaz directed authorities to increase Pakistan’s strategic petroleum reserves to enhance energy security.
He also instructed officials to organise investment roadshows in Qatar, Saudi Arabia and other Gulf countries to attract investment into Pakistan’s energy sector.
