ISLAMABAD, Nov 16 (APP): In a landmark development aligning with Pakistan’s refining policy, the Oil and Gas Regulatory Authority (OGRA) and the Pakistan Refinery Limited (PRL) officially inked a pivotal upgrade agreement on Thursday.
The accord, which was signed following extensive deliberations, consultations, and a series of meetings with key stakeholders, 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,” said OGDCL Chairman Masroor Khan said.
He said the Brownfield Refinery Policy, a critical component of the national strategic framework, necessitated such agreements to facilitate existing refineries in advancing their projects toward producing Euro-V-compliant fuels.
The implementation of the policy was poised to usher in positive transformations within the oil sector of Pakistan, he added.
“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.
He said with the implementation of the policy, the local production of Euro 5 compliant Mogas and Diesel would increase, which would reduce the burden of import and save foreign exchange.
“The Pakistan Refining Policy’s successful implementation is anticipated to bring about a positive and lasting impact on the country’s energy landscape,” he hoped.
