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ISLAMABAD: Oil and Gas Regulatory Authority and Pakistan Refinery Limited Seal Historic Agreement under Brownfield Refinery Policy
Islamabad, [16 Nov] – In a landmark development aligning with Pakistan’s refining policy, the Oil and Gas Regulatory Authority (OGRA) and Pakistan Refinery Limited (PRL) have officially inked a pivotal upgrade agreement today.
Following extensive deliberations, consultations, and a series of meetings with key stakeholders, the agreement marks a significant milestone for the energy sector. “After a marathon of meetings, consultations, and deliberations with the stakeholders, the agreement was finalized, and by the grace of Almighty Allah, we have signed the first one with PRL,” stated Masroor Khan, Chairman of the Oil and Gas Authority.
The Brownfield Refinery Policy, a critical component of the national strategic framework, necessitated these agreements to facilitate existing refineries in advancing their projects towards producing Euro-V compliant fuels. The implementation of this policy is poised to usher in positive transformations within the oil sector of Pakistan.
“We believe that the upgrade projects under the Brownfield Refinery Policy are of paramount national importance. This agreement with PRL signifies the initiation of a series of strategic partnerships to enhance our refining capabilities and contribute to the production of environmentally friendly fuels,” added Masroor Khan.
“It is pertinent to mention that with the implementation of this policy the local production of Euro 5 compliant Mogas and Diesel will increase, which will reduce the burden of import and will save Foregin exchange” said Chairman OGRA.
The Pakistan Refining Policy’s successful implementation is anticipated to bring about a positive and lasting impact on the country’s energy landscape.
