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Islamabad: Pakistan has approved proposed amendments to the Pakistan Oil Refining Policy 2023, aiming to accelerate the modernization of the country’s refining sector, enhance energy security, and reduce dependence on imported petroleum products. The decision was taken during a meeting chaired by Prime Minister Shehbaz Sharif.
The meeting of the Cabinet Committee on Energy was attended by Federal Ministers Ahsan Iqbal, Ahad Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, along with senior government officials. Participants were briefed on the progress of refinery upgradation projects, ongoing energy sector reforms, and the implementation of the revised policy.
Prime Minister Shehbaz Sharif emphasized that upgrading the country’s oil refineries is a key pillar of Pakistan’s comprehensive energy security strategy. He said modernized refineries would help reduce reliance on imported fuels while ensuring the production of cleaner and more environmentally friendly petroleum products.
The prime minister directed authorities to accelerate the reform process in close coordination with all stakeholders and called for measures to improve the performance of the Oil and Gas Regulatory Authority (OGRA). He stressed that reforms should promote greater competition, transparency, and investment in the energy sector, while ensuring the timely and effective implementation of the revised policy without delay.
To attract international investment, Prime Minister Sharif also instructed officials to organize roadshows in Qatar, Saudi Arabia, and other Gulf countries to showcase the amended Pakistan Oil Refining Policy 2023. He commended the Ministry of Petroleum and its team for their work on the policy revisions and directed them to enhance the country’s strategic petroleum reserves as part of broader efforts to strengthen national energy resilience.
