Tareen directs concrete proposals on refinery policy

Finance Minister Shaukat Tareen has directed the concerned officers of the Finance Division and Chairman FBR to come with concrete proposals regarding the proposed refinery policy in consultation with all stakeholders including representatives of oil refineries, the Ministry of Petroleum, and other relevant forums.

The meeting was held at Finance Division today to discuss the draft Refinery Policy.

Federal Minister for Finance and Revenue, Shaukat Tarin, held a meeting with a delegation of representatives of Oil Refineries operating in Pakistan. Federal Minister for Power Hammad Azhar, SAPM on Power Tabish Gauhar, SAPM on Finance and Revenue Dr. Waqar Masood, Adviser to PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, Secretary Finance, Secretary Petroleum, Chairman FBR, DG Oil, and Petroleum Division, Member Board of Directors PARCO & PRL and Consultant Attock Refinery Limited participated the meeting.

The representatives of the refineries told that oil refineries operating in Pakistan cater for 55% of the petroleum needs of the country and directly contribute to energy security. Installation of oil refineries requires heavy investment. Last Refineries Policy was announced by the government in 1997.

Since 1997, due to changes in realities on the ground, working for oil refineries has become more difficult with the passage of time. Oil refineries currently are facing multiple problems including a decline in profit margins.

They emphasized the need for Government support for increased investments to meet the requirement of Euro-v fuels and value-added products through the installation of deep conversion refineries.