On Tuesday, the Ministry of Finance hosted a meeting to assess progress on the Draft Pakistan Oil Refining Policy 2021. Mr. Shaukt Tarin, Federal Minister of Finance and Revenue, presided over the meeting. The Federal Minister for Power, the SAPM on F&R, the SAPM on Power, the Secretaries of Finance and Petroleum, the DG Oil, and representatives from oil refineries attended the meeting.
Mr. Shaukat Tarin, the Federal Minister of Finance and Revenue, stated during the meeting that the Prime Minister is committed to progress in all areas of the economy in order to achieve sustainable growth. Indeed, the energy industry is critical for the economy’s cycle to continue rising in velocity.
Pakistan’s oil refineries have long been a pillar of the country’s energy security, and the government now wants to improve them to worldwide standards. All oil refineries in Pakistan should strive towards modernization, efficiency, and environmental stewardship. Pakistan’s government is eager to give whatever assistance permissible under the legislation and policy framework in this regard.
Representatives of oil refineries stated that the industry is ‘very delighted’ as a result of the government’s backing and patronage. They stated that the entire oil refinery industry is prepared to upgrade to international standards and that a comprehensive structure is in place to facilitate this process. The march toward worldwide standards will begin with the passage of the new Oil Refining Policy.
The Federal Minister of Finance and Revenue tasked the participants with overcoming all impediments to the formulation of the new Oil Refining Policy 2021 in order for it to take effect as soon as possible.
