Ahmed Mukhtar Naqshbandi
ISLAMABAD: The Cabinet Committee on Energy is likely to approve the Pakistan Oil Refining Policy 2023 in its next meeting as Prime Minister Shehbaz Sharif has authorized the submission of a summary regarding it.
The new policy involved the upgradation of the existing oil refineries.
The summary has been circulated to the Ministry of Planning, Development and Special Initiative, Finance Division, Oil and Gas Regulatory Authority (OGRA), and Federal Board of Revenue (FBR) for seeking their input.
Pakistan’s energy mix
Petroleum products contribute 31 percent to Pakistan’s energy mix with the contribution of around 11 million tonnes per annum (inclusive of 30 percent local crude processing) while the remaining 69 percent of the country’s demand has to be met with imports.
Indigenous and imported crude is refined by 5 local refineries which have been periodically upgraded. The upgradation of refineries included the establishment of diesel hydro desulfurization to reduce sulfur from diesel and isomerization plants for enhancing the production of motor spirit at a combined cost of around 75 billion rupees.
