Refinery upgrade policy heads to cabinet

Pakistan's long-awaited refinery upgrade policy has been submitted to the federal cabinet and is expected to receive approval shortly, paving the way for billions of rupees in refinery modernization investments and the production of Euro-V compliant fuels. Petroleum Minister Ali Pervaiz Malik told the National Assembly Standing Committee on Petroleum on Tuesday that the policy had already been forwarded to the cabinet and the government planned to seek approval from the Economic Coordination Committee (ECC) on July 15. He said implementation would begin immediately after the required approvals, enabling local refineries to upgrade their plants and produce cleaner Euro-V standard fuels. Pervaiz Malik said the government would not shift the financial burden of refinery inefficiencies onto consumers, adding that Prime Minister Shehbaz Sharif had decided against imposing any additional costs on petroleum users.