Islamabad: The government has decided to accelerate the process of upgrading oil refineries to modernize the country’s energy sector and reduce dependence on imported fuel.
The Cabinet Committee on Energy meeting chaired by Prime Minister Shehbaz Sharif reviewed the progress on energy sector reforms, improvement of oil refineries and policy measures. The meeting was attended by top officials including Federal Ministers Ahad Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, Ahsan Iqbal.
During the meeting, the Prime Minister said that the upgrading of oil refineries is an important part of Pakistan’s comprehensive energy security plan. He said that modern refineries will not only help reduce dependence on imported fuel but will also ensure the availability of better quality and environment-friendly fuel in the country.
The Prime Minister directed the relevant institutions to accelerate the ongoing reform process in the energy sector through effective communication with all stakeholders. He said that timely and effective implementation of new policies will be ensured and no delay in reforms will be tolerated.
Shahbaz Sharif also stressed on improving the performance of the Oil and Gas Regulatory Authority (OGRA) and introducing regulatory reforms according to the needs of the market. He said that effective policy measures are necessary to promote transparency, competition and investment in the energy sector.
In the meeting, the Prime Minister also directed to organize road shows in Qatar, Saudi Arabia and other Gulf countries to convey Pakistan’s revised Oil Refining Policy 2023 to global investors.
Appreciating the efforts of the Petroleum Minister and his team regarding the amendments in the refining policy, the Prime Minister said that Pakistan needs long-term planning in the energy sector to better meet future needs.
He also directed to increase strategic reserves of petroleum products in the country to reduce the impact of price fluctuations and emergencies in the global market.
According to the government, upgrading refineries, new investments, and reforms in the energy sector will not only help meet the country’s energy needs but will also create new opportunities for employment, industrial development, and economic activity.
