Govt. encouraging new deep conversion oil refineries

News Image

By MG News | June 06, 2018 at 02:02 PM GMT+05:00

0:00

The government is encouraging establishment of new deep conversion oil refineries by extending a landmark incentive package including exemption from all duties, taxes, surcharges and levies on import besides a 20-year income tax holiday.

 “The exemption will be applicable on all machinery, vehicles, plants and equipment, other materials and spares and consumables for setting up, operation, maintenance and repair of the refinery,” official sources told APP.

The package facility, they said, would also be applicable on existing facilities where refining capacity was expanded by installing deep conversion units with capacity of at least 100,000 barrels per day (bpd) oil.

The sources said Pakistan was moving fast towards achieving self-reliance in crude oil production after the government accelerated exploration of indigenous hydrocarbon resources during the last five years.

In June 2015, the Byco Petroleum Company had established the country's largest production unit, having refining 120,000 bpd oil capacity, in Balochistan.

Trans-Asia, a private sector petroleum company is also planning to set up a refinery with the capacity to develop 100,000 bpd oil.

Recently, the government in a significant move to achieve autarky in the oil production sector, has given the task to Pakistan Arab Refinery Company (PARCO) to complete the much-delayed and abandoned multi-billion dollar Khalifa Coastal Oil Refinery project.

The coastal refinery will have the capacity to refine 250,000 bpd - equal to 13 million tons of petroleum products per year, he added.

Setting up of back-to-back oil refineries speak about the present government's seriousness towards resolving the energy crisis and achieving self-sufficiency in this sector.

Local as well as foreign investors, the official said, were reposing full confidence in prudent and business-friendly economic policies introduced by the government and making huge investments in the energy sector.

Presently, as many as six oil refineries are operating in the country and they have full capacity to refine the product as per needs of the country.

APP

Related News

Name Price/Vol %Chg/NChg
KSE100 129,761.21
188.16M
1.22%
1561.78
ALLSHR 80,748.72
520.83M
1.20%
961.09
KSE30 39,716.95
75.44M
1.56%
611.95
KMI30 188,980.99
66.69M
1.11%
2065.38
KMIALLSHR 54,657.06
244.96M
0.84%
455.18
BKTi 34,579.42
34.12M
3.29%
1102.74
OGTi 28,255.11
7.50M
1.05%
292.53
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,460.00 107,465.00
105,440.00
1710.00
1.62%
BRENT CRUDE 67.04 67.29
66.98
-0.07
-0.10%
RICHARDS BAY COAL MONTHLY 97.50 97.50
97.50
0.70
0.72%
ROTTERDAM COAL MONTHLY 103.80 0.00
0.00
-3.70
-3.44%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.33 65.65
65.26
-0.12
-0.18%
SUGAR #11 WORLD 15.70 16.21
15.55
-0.50
-3.09%

Chart of the Day


Latest News
July 02, 2025 at 12:08 PM GMT+05:00

Pakistan’s short-term FX liabilities reach $31bn


July 02, 2025 at 11:51 AM GMT+05:00

Saudi Riyal available at PKR 76.4 in open market


July 02, 2025 at 11:23 AM GMT+05:00

Lucky Motor revises ex-factory prices for Kia


July 02, 2025 at 11:00 AM GMT+05:00

PSX in June: La Vie En Rose


July 02, 2025 at 10:33 AM GMT+05:00

NBP issues foreign exchange rates



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg