ISLAMABAD: The Special Investment Facilitation Council (SIFC) and the Economic Coordination Committee (ECC) have collectively created major progress in modernizing the country’s energy infrastructure.
Furthermore, the ECC has approved the settlement framework of petroleum levy dues for Soneri Jeco, allowing the Petroleum Division to formally sign the agreement.
Soneri Jeco will now be able to proceed under the Brownfield Refining Policy in line with the Oil and Gas Regulatory Authority (OGRA) agreement. In this regard, the policy seeks to ensure the upgradation of refineries, enable the production of Euro-V standard fuel, and reduce Pakistan’s reliance on costly fuel imports.
So far, the industry experts have welcomed the decision, calling it a “game changer” for the country’s refining sector. They focused on the fact that implementation of the Brownfield Policy is expected to attract an estimated $6 billion in investment.
Also Read: Pakistan secures $6b for Reko Diq copper-gold project
In this sense, the upgradation of local refineries will play a crucial role in lowering the import bill, conserving foreign exchange, and increasing the country’s self-sufficiency in cleaner fuels. The facilitation provided by SIFC has been widely acknowledged by stakeholders.
