Islamabad May 24 2023: Minister of State for Petroleum Musadik Malik has said that Pakistan has approved the new Greenfield oil refining policy to attract foreign investment in the country which helps to install refinery capacity of 4 lac barrels per day.
He said that energy security is necessary for economic development in Pakistan and tax exemptions will be given to these investors. New refineries will be set up in special economic zones and investors in oil refining will be provided protection under the Foreign Investment Act. Apart from this, there is a policy of LPG Air mix, where there is no gas, LPG will be provided through the private sector.
The Minister of State further said that Pakistan's annual requirement of petrol and diesel is 20 to 21 million tonnes, local refineries supply about 50% of the country's oil requirements in times when consumption of furnace oil in the country is depleting. By 2032, the country annual consumption of petrol and diesel will 33 million tons.