The US-Iran war has increased the need to reduce dependence on foreign supplies, Federal Minister for Petroleum Ali Pervaiz Malik said during a meeting with the refinery sector today.
The minister said that the refinery upgrade will increase productivity and efficiency and also make it possible to produce clean fuel of Euro-5 standard.
He further stated that pollution reduction and environmental improvement will be possible with Euro 5 fuel, and the refinery upgrade will ensure better engine performance and lower emissions.
The meeting reviewed refinery policies and upgrade agreement templates in detail. Refinery representatives presented practical suggestions during the session.
During the meeting, it was decided to accelerate measures for effective implementation of the upgrade policy. The minister assured full support to the refinery sector.
Ali Pervaiz Malik expressed concern over delays in refinery policy implementation and demanded that all obstacles to modernization and long-term investment be removed.
The issue of sales tax exemption on petroleum products for refinery upgrade projects was identified as another problem.
The minister directed that comprehensive proposals be sent to the relevant forum before the upcoming budget to resolve outstanding issues.
He said the government fully supports refinery upgradation and termed the sector as a key national asset for energy security.
