Major refineries sign upgrade agreements with ISGS

September 24, 2026 (MLN): Major refineries, including National Refinery Limited (PSX: NRL), Attock Refinery Limited (PSX: ATRL) and Cnergyico Pk Limited (PSX: CNERGY), have signed upgrade agreements with state-owned Inter State Gas Systems (Private) Limited (ISGS) to modernise their existing facilities under the Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023, as amended in February 2024 and again in August 2026.

The companies informed the Pakistan Stock Exchange (PSX) of the development in separate disclosures under Sections 96 and 131 of the Securities Act, 2015, and the PSX Rule Book.

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

ISGS was designated by the Ministry of Energy (Petroleum Division) as the implementation entity for the agreements.

Cnergyico said the deal followed the approval of the Economic Coordination Committee (ECC) of the Cabinet.

National Refinery said the signing marked a breakthrough in its efforts to modernise its refinery infrastructure, and would help build a more sustainable and secure energy future and strengthen supply-chain resilience in the country.

Attock Refinery said the upgrade aimed to raise operational efficiency, improve product quality and enable production of Euro-V standard fuels. It said the move fit its commitment to sustainable development and upgradation.

Cnergyico said the agreement covered the upgradation of its existing refinery, including implementation of the approved upgradation project, in line with the terms and conditions of the policy.

The company said it remained committed to modernising its refinery in line with the policy's objectives, and thanked the government for its support and initiatives to facilitate modernisation of the country's refining sector.

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