Cnergyico signs refinery upgradation agreement with govt

September 24, 2026 (MLN): An Upgradation Agreement for the modernization of the existing refinery has been signed between Cnergyico Pk Limited (PSX: CNERGY) and the Government of Pakistan through its state-owned enterprise, Inter State Gas Systems (Private) Limited (ISGS), on September 24, 2026.

The agreement follows the approval of the Economic Coordination Committee (ECC) of the Cabinet under the Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023, as amended in August 2026.

Under the policy, ISGS has been nominated as the implementation entity on behalf of the Petroleum Division for execution of the agreement. It provides for the upgradation of the company's existing refinery, including implementation of the approved refinery upgradation project, in accordance with the terms and conditions of the policy.

The company remains committed to upgrading and modernizing its refinery in line with the policy's objectives. It also appreciated the government for its support and initiatives towards facilitating the modernization and upgradation of the country's refining sector.

The signing ceremony was held in Islamabad and was attended by representatives of the Government of Pakistan and the participating refineries.

The aforementioned information was disseminated through a notification to Exchange.

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