Six-month deadline extension for upgrade agreements irks refineries

The Petroleum Division has requested the Cabinet Committee on Energy (CCoE) to extend the deadline for signing upgrade agreements with five domestic refineries for six months until October this year, but most refiners smell a rat for the delay. “The government seems to be more focused on attracting foreign investment, which is no doubt important, but it needs to realise that foreign investment flows in only when existing foreign and local investors are listened to,” said Adil Khattak, who is chairman of Oil Companies Advisory Council (OCAC) and chief executive officer of Attock Refinery Ltd. He said the deadline for signing upgrade agreements with the Oil and Gas Regulatory Authority (Ogra) was April 22, 2024. Three refineries — Attock Refinery Ltd, National Refinery Ltd and Pakistan Refinery Ltd — gave consent to sign the agreements before the deadline, while two other refineries — Parco and Cnergyico — needed more time.