ISLAMABAD: Three of Pakistan's major refineries have signed agreements with a state-owned gas company to move ahead with upgrades to their existing plants under the country's amended refinery policy, the companies said Thursday.
Cnergyico Pk, Attock Refinery Ltd. and National Refinery Ltd. disclosed the signings in separate notices to the Pakistan Stock Exchange.
The agreements were signed in Islamabad with Inter State Gas Systems, which the Petroleum Division of the Ministry of Energy has designated as the implementing entity under the Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries. The policy was introduced in 2023 and amended in February 2024 and August 2026.
In its filing, Cnergyico said the state-owned company was nominated to carry out the upgrade agreement on behalf of the Petroleum Division. The agreement covers the upgrade of the company's existing refinery, including the approved project, under the policy's terms.
Cnergyico said it remains committed to modernizing its refinery and thanked the government for its support of the refining sector.
Attock Refinery called the agreement a "significant milestone" in its efforts to modernize its infrastructure, improve efficiency and product quality, and produce Euro-V standard fuels.
National Refinery said the signing was a breakthrough in its modernization efforts and would help strengthen supply-chain resilience.
The policy was introduced to upgrade the capabilities of Pakistan's existing refineries. It aims to bring them into line with international fuel standards, produce cleaner fuels and meet growing market demand.
In August, management of all five refineries — Pak-Arab Refinery Ltd. (PARCO), Pakistan Refinery Ltd., National Refinery, Cnergyico and Attock Refinery — reaffirmed their commitment to sign agreements early this month. The deals were expected to unlock about $6 billion in investment.
In September, however, the federal Cabinet made further amendments to the policy. It set an Oct. 1 deadline for refineries to sign upgrade agreements with the Petroleum Division of the Ministry of Energy, rather than with the Oil and Gas Regulatory Authority.
Refineries that miss the deadline face financial penalties, including a reduction in deemed duty on high-speed diesel.
