Islamabad: Prime Minister Shehbaz Sharif has directed the authorities to increase Pakistan’s strategic petroleum reserves as part of efforts to strengthen the country’s long-term energy security.
The directive was issued during a meeting of the Cabinet Committee on Energy, chaired by the Prime Minister and attended by Federal Ministers Ahsan Iqbal, Ahad Cheema, Muhammad Aurangzeb, Ali Pervaiz Malik, along with senior government officials.
The committee was briefed on the progress of refinery upgradation, energy sector reforms, and the implementation of related policies. During the meeting, the government approved proposed amendments to the Pakistan Oil Refining Policy 2023.
Addressing the meeting, Prime Minister Shehbaz Sharif said that upgrading the country’s oil refineries is an urgent necessity and a key pillar of Pakistan’s comprehensive energy security framework. He noted that modernized refineries would help meet the country’s growing energy demands more efficiently.
The Prime Minister directed all stakeholders to accelerate the reform process, improve the performance of the Oil and Gas Regulatory Authority (OGRA), and introduce reforms that promote transparency, competition, and investment in the energy sector. He emphasized that the revised policy must be implemented effectively and without delay, warning that negligence or unnecessary delays would not be tolerated.
He also instructed authorities to organize roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote the amended Pakistan Oil Refining Policy 2023 and attract foreign investment.
The Prime Minister appreciated the efforts of the Petroleum Minister and his team in preparing the policy amendments and reiterated his directive to expand the country’s strategic petroleum reserves to strengthen Pakistan’s energy resilience.
