Cabinet Committee on Energy Approves Amendments to Refineries Policy 2023

The Cabinet Committee on Energy (CCoE) passed amendments in Refineries Policy 2023 for existing refineries to undertake large-scale upgradation projects. Following extensive and extended engagement with the government, refineries, and independent advisors, the Policy was updated and approved by the Cabinet Committee on Energy in a meeting chaired by Minister of Energy Muhammad Ali, reported Business Recorder. The federal cabinet’s approval is pending and expected to transpire soon. Refineries earlier pointed out issues in effectively implementing their upgrade projects. Subsequently, stakeholders last month decided on the following key recommendations: Now pending only federal cabinet approval, the amended upgrade policy will essentially allow refineries to undertake major upgrade projects to increase production of petrol and diesel and reduce production of furnace oil. It will attract $5-6 billion in investment, resulting in cleaner, more environment-friendly fuels and significant savings in valuable foreign exchange.