Prime Minister Shehbaz Sharif on Tuesday directed authorities to increase Pakistan’s strategic petroleum reserves while approving amendments to the Pakistan Oil Refining Policy 2023 during a meeting of the Cabinet Committee on Energy.
According to a statement issued by the Prime Minister’s Office (PMO), the meeting reviewed the progress on refinery upgradation, ongoing energy sector reforms and the implementation of the country’s oil refining policy.
Focus on Energy Security
Addressing the meeting, Prime Minister Shehbaz said that upgrading Pakistan’s oil refineries was an urgent national priority and a vital component of the country’s long-term energy security strategy.
He emphasized that strengthening domestic refining capacity would help Pakistan better manage future energy challenges and reduce vulnerabilities arising from external supply disruptions.
Modern Refineries to Reduce Import Dependence
The prime minister noted that refineries equipped with modern technology would improve the country’s ability to meet its growing energy demands while reducing dependence on imported refined petroleum products.
He added that upgraded refineries would also enable the production of cleaner, environmentally friendly fuels that comply with international standards, contributing to improved environmental protection.
Strategic Petroleum Reserves to be Expanded
Recognising the importance of energy preparedness, PM Shehbaz directed the relevant authorities to increase Pakistan’s strategic petroleum reserves.
The move is aimed at strengthening the country’s ability to respond to potential disruptions in global oil supplies and ensuring a stable supply of fuel during emergencies or periods of international market volatility.
Cabinet Approves Policy Amendments
The Cabinet Committee on Energy approved amendments to the Pakistan Oil Refining Policy 2023 after reviewing the progress made under the policy.
The government believes the revised framework will facilitate refinery modernization, encourage investment in the petroleum sector and improve the overall efficiency of Pakistan’s energy infrastructure.
Strengthening the Energy Sector
The meeting also reviewed broader reforms in the energy sector, with the government reiterating its commitment to modernising infrastructure, enhancing energy security and supporting sustainable economic growth through improved fuel production and supply systems.
