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ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries with an estimated investment of about $6bn to improve product quality and increase production.
The policy — approved by the Cabinet Committee on Energy (CCoE) led by Prime Minister Shehbaz Sharif — provides stability clauses to protect investment, gives tax incentives and foreign exchange accounts for imports of machinery against export of furnace oil, besides enhancing both offshore and onshore storage for greater energy security.
The policy, revised by amending the original 2023 legislation, now supersedes all previous refining policies.
Under the Brownfield Refining Policy, the five existing refineries will make improvements in product quality, quantity and product mix through upgradation.
