Cnergyico to invest over $1bn in Euro V refinery upgrade

MG News | March 08, 2024 at 04:32 PM GMT+05:00

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March 08, 2024 (MLN): The anticipated investment by Cnergyico Pk Limited (PSX: CNERGY) in upgrading its both refineries to manufacture Euro V standards compliant gasoline and diesel, while concurrently reducing Fuel Oil production is set to exceed $1 billion, it said in a company filing on Friday.

However, precise cost estimates will be established post the Front-End Engineering Design (FEED) of the Upgrade Project.

To note, the government of Pakistan recently approved the amendments after consultation with all refineries in the earlier approved 'Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023'.

This Policy is expected to bring an investment of approximately $5 to 6bn in the refining sector, said the company.

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