ISLAMABAD: Finance Minister Shaukat Tarin has directed the participants (government departments and refineries) 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.

Tarin, on Tuesday, chaired a meeting to review progress on draft Pakistan Oil Refining Policy 2021, which was attended by Federal Minister for Power, Special Assistant to Prime Minister on Finance and Revenue, SAPM on Power, Secretary Finance, Secretary Petroleum, DG Oil, and representatives of oil refineries.

Tarin said that the prime minister wanted progress in all sectors of the economy for sustainable growth and energy sector is of course very critical to keep the economy moving.

He said that oil refineries in Pakistan have been pillar of energy security of the country and now the government wanted the domestic oil refineries to upgrade themselves at par with the international standards.

The minister added that modernisation, efficiency as well as environment should be common characteristics of all oil refineries in Pakistan.

The government of Pakistan is willing to extend all support permitted under law and policy framework to this effect, he added.

The Finance Ministry, in the statement, said that the representatives of oil refineries said that the oil refinery industry was grateful to the support provided by the government and 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 statement added.

Copyright Business Recorder, 2021