Pakistan has formally launched a major programme to modernize its oil-refining sector. Four of the country’s five main refineries – Attock Refinery, National Refinery, Pakistan Refinery and Cnergyico – have signed upgrade agreements with the government.
The projects are expected to attract approximately $5 billion over the next five years. The overall investment could approach $6 billion if PARCO, the fifth major refinery, completes its agreement.
The modernization programme aims to improve refining technology, increase the production of petrol and high-speed diesel, reduce furnace-oil output and enable the production of cleaner Euro-V standard fuels.
It is also intended to reduce Pakistan’s dependence on imported petroleum products and strengthen the country’s energy security.
The upgraded refineries are expected to process a wider range of crude oil. This could potentially include Russian crude, but the agreements do not mean that Pakistan will automatically begin importing Russian oil.
Any such imports would depend on international sanctions, payment arrangements, shipping and insurance costs, crude quality, refinery compatibility and government approval.
The signing of the agreements marks the beginning of the modernization process, not its completion.
The refineries must still secure financing, complete engineering and construction work, and commission the upgraded facilities within the agreed timeframe.
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