Pakistan\'s five refineries ready to sign $6bn upgradation agreements next month
Pakistan's refining sector is set to receive an investment of nearly $6bn as all five oil refineries Pak Arab Refinery Limited (PARCO), Pakistan Refinery Limited (PRL), National Refinery Limited (NRL), Cnergyico and Attock Refinery Limited (ARL) reaffirmed readiness to sign agreements under the Brownfield Refinery Upgradation Policy, with the signings expected early next month. The upgrades are aimed at enabling refineries to produce Euro 5 compliant fuel products domestically, reducing reliance on imported petrol and diesel and potentially bringing down their prices compared to imported products. The development came as Federal Minister for Petroleum Ali Pervaiz Malik held a series of meetings with the managements of the five refineries to review progress on the upgradation policy, assess the companies' financial and operational performance, and discuss measures to strengthen Pakistan's energy security, said a press release issued.