Pakistan Refinery Limited (PRL) has signed licensing agreements with industry leaders Honeywell UOP and Axens for acquiring latest technologies for the production of environmentally clean Euro 5 gasoline and diesel.
Under a new refinery policy, all refineries are supposed to sign agreements with the Oil and Gas Regulatory Authority (Ogra) to avail themselves of the incentives for upgrading oil refining plants. So far, only PRL has inked a deal with the regulator while other refineries have concerns about some provisions in the policy.
Read PRL clinches long-term oil supply deal with Russia
The main objective of the Brownfield Refinery Policy 2023 is to encourage the existing refineries to upgrade, modernise and expand their facilities to produce environmentally friendly fuels as per Euro 5 specifications and maximise the production of petrol and diesel by minimising the black product ie, furnace oil.
The Cabinet Committee on Energy had approved the policy on August 7, 2023 and the federal cabinet ratified it on August 9.
Published in The Express Tribune, November 22nd, 2023.
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