Karachi June 22 2021: A meeting to review progress on Draft Pakistan Oil Refining Policy 2021 was held at Ministry of Finance today.
Prime Minister is very keen about progress in all sectors of the economy for sustainable growth. Energy sector is indeed very crucial to keep the cycle of economy moving with ever growing momentum. Oil refineries in Pakistan have been pillar of energy security of the country and now the government wants the domestic oil refineries to upgrade themselves at par with international standards.
Says Federal Minister for Finance and Revenue Mr. Shaukat Tarin
Government has introduced tax incentives for up gradation, modernization or expansion projects for a period of 10 years for existing refineries in the budget presented for fiscal year 2022. Incentives will only be provided to refinery project of more than 100,000 barrels of oil per day.
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Modernization, efficiency and environment friendliness should be common characteristics of all oil refineries in Pakistan. Government of Pakistan is willing to extend all support permitted under law and policy framework to this effect. The representatives of oil refineries said that the oil refinery industry is very happy due to support and patronage provided by the government.
They added that the entire oil refinery sector is ready to upgrade itself to international standards and a complete framework is ready in this regard. With the approval of new Oil Refining Policy, the journey towards international standards will start. The Federal Minister for Finance and Revenue directed the participants to work jointly to overcome all the hurdles in the formulation of new Oil Refining Policy 2021 so that same may come into effect at the earliest.
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Federal Minister for Finance and Revenue Mr. Shaukt Tarin chaired the meeting. The meeting was attended by Federal Minister for Power, SAPM on F&R, SAPM on Power, Secretary Finance, Secretary Petroleum, DG Oil and representatives of oil refineries.
Government commitment may help to remove revenue measures announced in recent finance bill.
Earlier, the government has announced imposition of Custom Duty of 2.5 percent and General Sales Tax of 17 percent on crude oil imports through finance bill.
