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Oil Refining Policy to be Accessible by Cabinet Soon

Islamabad: The Senate Standing Committee on Petroleum was informed that the new oil refining strategy, which focuses primarily on attracting maximum investment in the sector, will shortly be submitted for approval to the federal cabinet.

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Petroleum Secretary Dr. Arshad Mahmood briefed the meeting that the strategy will attract massive investment in the oil refining sector by granting tax rebates to local and foreign investors for the upgradation and development of new deep-conversion refineries.

At the beginning of the meeting, the chairman emphasised the significance of the Petroleum Division in satisfying the nation’s ever-increasing energy demands.

The secretary stated that 90 percent of the dualisation work on the White Oil Pipeline (Karachi to Mehmood Kot) had been finished, and that the pipeline’s testing and commissioning were slated for September 1, 2021.

Multiple goods, including as diesel and gasoline, would be transported in batches via the pipeline, ensuring a continuous supply of fuel and reducing dependency on oil tankers, according to him.

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The chairman noted that there were disputes over approximately 40 to 50 oil and gas exploration blocks, which should be resolved expeditiously so that new discoveries may be made to make the country energy independent.

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