ISLAMABAD: This meeting was attended by various high-ranking federal ministers such as Mr. Ahad Cheema, Mr. Muhammad Aurangzeb, Mr. Ali Pervaiz Malik, and Mr. Ahsan Iqbal among others. All those who attended the meeting were given an extensive briefing on the developments in oil refineries upgradation, ongoing reforms in the energy sector, and also about the implementation of policies within the sector. During this meeting, it was decided that changes would be made to the Pakistan Oil Refining Policy 2023.

Increase in Petroleum Strategic Reserves

PM Shehbaz Sharif instructed the concerned authorities to raise the country’s strategic oil reserves, highlighting the government’s resolve for ensuring the energy security of Pakistan in the long run. The instruction was given at a meeting of the Cabinet Committee on Energy chaired by PM Shehbaz Sharif in Islamabad.

Addressing the conference, Shehbaz Sharif, the Prime Minister of Pakistan, stated that upgrading oil refineries is a high-priority task and is one of the pillars of the national energy security of Pakistan. He elaborated on the need for refineries which are constructed according to advanced criteria, as they will be able to better satisfy changing energy demands of the country.

A number of specific instructions were given by the prime minister in order to speed up the process of reforming. The prime minister told them that it was necessary to stay in touch with all the concerned parties during the process of reforming, and also he wanted some reforms which could improve the performance of OGRA and could satisfy the needs of the market. In addition to that, these reforms could facilitate the process of competition, transparency, and investment in the energy sector.

In order to create investment interest in the new policy, the Prime Minister has instructed the road shows to be held in Qatar, Saudi Arabia, and other Gulf states. The purpose behind such road shows is to market the amended Pakistan Oil Refining Policy 2023 to potential investors and industry stakeholders in the region by making Pakistan’s refining sector an attractive target for Gulf investments and skills.

In his praise of the Petroleum Minister and his team, the prime minister recognized the hard work of the group in changing the refining policy, recognizing their efforts in bringing the changed framework before the cabinet committee for approval. In addition to the praise, the prime minister also stressed his directive in increasing the country’s petroleum strategic reserves.

Now that the order for increasing oil reserve capacity is officially out, along with modifications made to the refining policy, all eyes will be on how fast the relevant ministries implement these decisions. The increase in reserve capacity, refining capacities, and improved regulation via OGRA is indicative of efforts made by the government to improve Pakistan’s energy security in volatile international markets.