CCOE to discuss extension for refinery upgrades

The Cabinet Committee on Energy (CCOE) is scheduled to meet on Thursday where it will consider an extension in deadline for signing implementation agreements with refineries for upgrading their plants. Prime Minister Shehbaz Sharif will chair the meeting. According to sources, the CCOE will take up three agenda items including the circular debt report for February 2024, an incentive mechanism for the recovery of electricity arrears of more than two years and the extension in deadline for signing plant upgrade agreements under the Pakistan Oil Refining Policy for Up-gradation of Existing/Brownfield Refineries 2023. The Petroleum Division has submitted a summary for extension in the deadline for approval of the CCOE. Earlier, the deadline for signing agreements with the Oil and Gas Regulatory Authority (Ogra) was April 22, 2024.