PM greenlights refinery policy amendments, seeks Gulf funding

July 28, 2026 (MLN): Pakistan has approved amendments to the Oil Refining Policy 2023 to fast-track the modernization of existing refineries, expand the production of cleaner Euro-V fuels, and strengthen the country's long-term energy security.

The approval came during a meeting of the Cabinet Committee on Energy, chaired by Prime Minister Shehbaz Sharif at the Prime Minister's House on Monday.

The prime minister also directed authorities to actively promote the revised policy among investors in Qatar, Saudi Arabia, and other Gulf countries through dedicated investment roadshows aimed at attracting funding for brownfield refinery upgrade projects.

Calling refinery modernization an urgent national priority, Sharif said aligning Pakistan's refineries with modern standards would help meet the country's energy needs more efficiently, reduce reliance on imported fuels, and support the supply of environmentally friendly petroleum products.

The committee was informed that upgrading existing refineries is essential to increase refining capacity and enable the production of Euro-IV and Euro-V compliant fuels.

Officials noted that cleaner fuels would help Pakistan fulfill its international environmental commitments, improve air quality, and enhance fuel quality for consumers.

The prime minister instructed the relevant ministries and institutions to ensure the swift implementation of the revised policy, warning that delays or negligence would not be tolerated. He also emphasized close coordination among stakeholders to accelerate refinery upgrade projects.

Sharif further called for reforms in the Oil and Gas Regulatory Authority (OGRA) to enhance transparency, competition, and investment across Pakistan's energy sector.

Reaffirming the government's commitment to sustainable energy-sector reforms, the prime minister also directed authorities to increase Pakistan's strategic petroleum reserves to strengthen the country's energy security.

During the meeting, officials briefed the committee on the progress of refinery modernization, implementation of energy-sector reforms, and the proposed amendments to the refining policy.

According to the briefing, the revised policy is designed to facilitate the production of cleaner Euro-V gasoline and diesel while reducing the output of furnace oil and other lower-value petroleum products from existing brownfield refineries.

Prime Minister Sharif also commended Petroleum Minister Ali Pervaiz Malik and his team for finalizing the amendments to the refinery policy.

The meeting was attended by Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, Federal Minister Ahsan Cheema, Petroleum Minister Ali Pervaiz Malik, senior government officials, and federal secretaries.

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