The Oil and Gas Regulatory Authority (OGRA) Wednesday advised refineries to sign the agreed draft agreement regarding the Brownfield Refinery Policy within the due date.
In a statement, the regulator said that numerous meetings have been held between OGRA, refineries, and the representatives of the Ministry of Energy, Petroleum Division regarding the Brownfield Refinery Policy.
The Brownfield Refinery Policy is required to be signed enabling the existing refineries to proceed with their projects to upgrade to produce Euro-V compliant fuels, which is a project of national strategic importance.
OGRA said the final agreed draft of the agreement was shared with the Refineries on November 8, keeping in view the policy guidelines of the Federal government for execution, as the refineries have to sign the agreement with OGRA.
The statement said that some of the refineries have raised certain objections that are found beyond the policy guidelines of the federal government and, therefore, not considered and the same has been raised with the federal government.
“The refineries have been advised to sign the agreed draft agreement within the due date, besides, one of the refineries is signing an agreement with OGRA today,” the statement added.