Pakistan’s government has approved a new Brownfield Refining Policy, ending a six-year legislative stalemate that had stalled modernisation efforts at the country’s petroleum refineries.
The policy, cleared on Tuesday, aims to protect investment, provides tax incentives, and establishes forex accounts for importing machinery.
It also enhances both offshore and onshore storage to improve energy security.
The move is expected to support domestic refining capacity and reduce reliance on imported refined products.
By offering financial incentives and easing foreign exchange constraints for equipment imports, the government seeks to attract capital for upgrading existing facilities.
This could have implications for local energy equities and fuel supply dynamics in the region.