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Pakistan refineries set to ink $6bn upgrade deals
- Agreements are expected to be signed early next month
August 28, 2026
In a major development, Pakistan’s five oil refineries have agreed to move ahead with modernisation agreements that could unlock more than $6 billion in investment and enable domestic production of Euro 5-compliant fuel, reducing reliance on imported petrol and diesel.
The development came after Federal Minister for Petroleum Ali Pervaiz Malik held meetings with the managements of Pakistan’s five oil refineries, Pak Arab Refinery Limited (PARCO), Pakistan Refinery Limited (PRL), National Refinery Limited (NRL), Cnergyico and Attock Refinery Limited (ARL), to review progress towards implementation of the Brownfield Refinery Upgradation Policy, the financial and operational performance of the refineries, and measures to strengthen Pakistan’s energy security, read a statement on Friday.
The management of all five refineries reaffirmed their readiness to sign agreements under the Refinery Upgradation Policy, with the agreements expected to be signed early next month. The agreements are expected to unlock approximately $6 billion in investment in Pakistan’s refining sector.
The minister highlighted that refinery upgradation is essential for long-term sustainability of the country’s refining sector. He said the planned upgrades would enable refineries to produce Euro 5-compliant fuel products in Pakistan. Producing these products domestically would help reduce reliance on imported petrol and diesel and could also help bring down their price compared to imported products.
