Pakistan Oil Refining Policy 2021 to be Approved Soon
Islamabad: The Petroleum Division has created a revised draft of the new Pakistan Oil Refining Policy 2021, which is likely to be approved at the Cabinet Committee on Energy (CCoE) meeting scheduled for Monday.
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According to reports, CCoE had raised a number of queries and remarks regarding upfront tariffs. The petroleum division had now filed a response to the CCoE and requested approval for the new refinery policy.
Similarly, if the policy is adopted, the government will request Rs 500 million in guarantees from refineries and will pay from the incremental accounts of awarded projects, according to sources.
CCoE read the summary and directed the petroleum division to reevaluate the policy in light of the following observations at its previous meeting.
- Existing refineries that decide to upgrade may be eligible for upfront tariff protection benefits.
- To restrict government’s role and streamline the monitoring process
- Administration of tariff protection advantages between July 1 and December 31, 2021.
On August 11, the ECC of the Cabinet instructed the petroleum division to present a summary to the CCoE and request its approval. The petroleum division provided a summary dated August 13 for review by the CCoE.
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It is important to note that local refineries are strategic assets for the nation, and that their sustainability and continuity are vital to the nation’s economy and economic growth.
Similarly, Pakistan’s domestic refineries represent the backbone of heavy industrial development and are inextricably linked to the country’s defense and energy security requirements. They play a crucial part in Pakistan’s energy supply chain and economic development.
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