Islamabad: Minister for Petroleum Ali Pervaiz Malik announced that all five oil refineries in the country are poised to sign agreements as part of the Refinery Upgrade Policy. The expected signing at the beginning of next month is projected to draw an investment exceeding six billion dollars.

According to Radio Pakistan, Minister Ali Pervaiz Malik, during his visit to Karachi, engaged in meetings with the management teams of PARCO, Pakistan Refinery, Attock Refinery, National Refinery, and Cnergyico. Discussions centered on the implementation of the Brownfield Refinery Upgrade Policy, assessing the refineries' financial and operational performance, and exploring measures to enhance energy security.

Minister Malik emphasized the critical need for refinery modernization to ensure the long-term sustainability of Pakistan's refining sector. He highlighted that upgraded facilities would enable the production of Euro-5 standard fuel products, significantly reducing the nation's reliance on imported petrol and diesel.

Moreover, the Minister noted that bolstering domestic production could potentially lower fuel prices. He reassured that the government remains committed to assisting refineries in overcoming challenges related to policy implementation.