ISLAMABAD: Prime Minister Shehbaz Sharif has directed authorities to increase Pakistan’s strategic petroleum reserves as part of broader measures aimed at strengthening the country’s energy security.
The directive was issued during a meeting of the Cabinet Committee on Energy chaired by the prime minister in Islamabad. Federal ministers and senior government officials attended the meeting, where participants reviewed progress on oil refinery upgrades, energy sector reforms, and policy implementation.
In the meeting, the proposed amendments to the Pakistan Oil Refining Policy 2023 were passed along with briefings on various programs to develop the refining sector of the country.
PM expressed that upgrading oil refineries is necessary for building an energy security regime for the country because modern and efficient refineries will play their role in catering to the energy needs of the country.
He also told the government agencies to speed up the process of reforms and work closely with all the stakeholders. He stressed upon the improvement in the performance of the Oil and Gas Regulatory Authority (OGRA) along with various reforms in the market.
He said the reforms would promote competition, transparency, and investment in the energy sector, stressing that implementation of the revised policy must be timely and effective. He warned that negligence or delays would not be tolerated.
PM Shehbaz also ordered the organization of roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023 and attract investment.
He appreciated the efforts of the petroleum minister and his team regarding the policy amendments and reiterated the need to expand strategic petroleum reserves to enhance national energy resilience.
