Federal Minister for Petroleum Ali Pervaiz Malik held meetings with the management of all five oil refineries of the country in Karachi on Friday.During the meeting, the implementation of the Brownfield Refinery Upgradation Policy, the financial and operational performance of the refineries and energy security were reviewed.According to the Minister for Petroleum, all the refineries are ready to sign agreements under the policy and all five agreements are expected to be signed early next month.

The Minister said refinery upgradation expected to invest over $6 Billion.Petroleum Minister Ali Pervez Malik Met with management of all five oil refineries of Pakistan. Refinery upgradation is essential for long-term sustainability of country’s refining sector, Petroleum Minister said.He said refinery upgradation will enable production of euro 5 standard fuel products in Pakistan. Local production of petrol and diesel will help reduce dependence on imported petrol and diesel, Petroleum Minister said.

He said local production of petrol and diesel can also help reduce prices. Petroleum Minister said government will continue to facilitate refineries in solving issues related to policy implementation. PARCO also briefed the Minister for Petroleum on the ongoing progress regarding the proposed Oil City in Hub.The Oil City project aims to strengthen energy security, improve trade links, ensure supply, and contribute to economic development. PARCO, Pakistan Refinery, Attock Refinery, National Refinery and Synergeco have completed necessary preparations for the implementation of the refinery upgrade policy.

Credit: Independent News Pakistan (INP)