Pakistan set to sign refinery deals to unlock nearly $6bn investment

MG News | September 24, 2026 at 10:09 AM GMT+05:00

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September 24, 2026 (MLN): Pakistan is set to sign long-awaited agreements with major oil refineries today, paving the way for nearly $6bn in planned investments aimed at modernizing the country’s aging refining infrastructure.

The agreements are scheduled to be signed at 11:00 a.m. at the office of Inter State Gas Systems (ISGS).

The government has designated ISGS, an entity operating under the Petroleum Division, to execute the agreements and supervise their implementation, according to sources.

This replaces the earlier framework under which the Oil and Gas Regulatory Authority (Ogra) was expected to oversee the process.

The signing comes after a series of regulatory and policy approvals required to move forward with the refinery upgrade programme.

The Cabinet approved amendments to the refining policy last week, while the Economic Coordination Committee (ECC) cleared the draft upgrade agreements on September 14.

The agreements are expected to provide a formal framework for refinery modernization projects and facilitate the planned investment in the sector.

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