Cnergyico to Invest Over $1 Billion in Euro V Refinery Upgrade

Cnergyico PK Limited Friday said that its anticipated investment to upgrade its both refineries to manufacture Euro V standards compliant gasoline and diesel is set to exceed $1 billion. In a notice to the Pakistan Stock Exchange (PSX), the company said that the Government of Pakistan has recently approved the amendments after consultation with all refineries in the earlier approved ‘Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023’. Cnergyico said that it has already assured its commitment in its previous disclosures to upgrade its both refineries to manufacture Euro V standards compliant gasoline and diesel, while concurrently reducing Fuel Oil production. “The anticipated investment by the Company is set to exceed USD 1 billion, however, precise cost estimates will be established post the Front-End Engineering Design (FEED) of the Upgrade Project,” it added.