ISLAMABAD, — Pakistan’s Cabinet Committee on Energy, chaired by Prime Minister Shehbaz Sharif, has approved proposed amendments to the Pakistan Oil Refining Policy 2023, aiming to modernize the country’s refining sector, strengthen energy security, and encourage new investment.
During the meeting at the Prime Minister’s House, Shehbaz Sharif described refinery modernization as a critical pillar of Pakistan’s long-term energy security strategy. He said upgraded refineries would help meet growing domestic energy demand, reduce reliance on imported refined fuels, and support the production of cleaner, environmentally friendly petroleum products.
Officials briefed the committee that upgrading existing refineries is essential to increase production capacity and enable the manufacturing of Euro-IV and Euro-V compliant fuels, which are necessary to meet Pakistan’s international environmental commitments, reduce air pollution, and improve fuel quality for consumers.
The prime minister directed the Oil and Gas Regulatory Authority (OGRA) to introduce reforms aimed at improving regulatory performance, enhancing market efficiency, and creating a more competitive and transparent energy sector capable of attracting greater private investment.
He stressed that the amended refinery policy must be implemented without delay, warning that negligence or unnecessary delays would not be tolerated. Relevant ministries and institutions were instructed to maintain close coordination with stakeholders to accelerate the reform process.
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Reaffirming the government’s commitment to sustainable energy reforms, Shehbaz Sharif said Pakistan would continue promoting modern technologies and creating a business-friendly environment for investors in the energy sector.
The prime minister also directed authorities to organize investment roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote the revised Brownfield Refineries Policy and attract foreign investment into Pakistan’s refining industry.
He praised the Ministry of Petroleum and its team for preparing the policy amendments and also instructed officials to increase Pakistan’s strategic petroleum reserves to strengthen national energy resilience.
The committee was informed that the amendments to the Pakistan Oil Refining Policy 2023 are designed to accelerate the production of Euro-V standard gasoline and diesel, while significantly reducing the output of furnace oil and other lower-value petroleum products.
Senior federal ministers, including Ahsan Iqbal, Muhammad Aurangzeb, Ahsan Cheema, Ali Pervaiz Malik, along with senior government officials and federal secretaries, attended the meeting.
