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• Petroleum minister says removing bottlenecks crucial to implementing long-delayed policy; terms local refineries ‘critical national assets’
• Officials argue upgrades are in line with IMF’s ‘resilience and sustainability’ objectives, will improve fuel quality besides saving money
ISLAMABAD: The oil disruption in the wake of the US-Iran war has compelled the government to dust off its petroleum refining policy, which was passed almost three years ago but could not be enforced due to flawed negotiations with the International Monetary Fund (IMF).
The government has now assured the refining sector of corrective measures in the upcoming budget to revive $6 billion in investments for refining upgrades and expansion. Pakistan is losing up to $2bn in annual foreign exchange due to expensive petroleum product imports instead of crude.
