KARACHI: Cnergyico Friday announced to upgrade its both refineries to manufacture Euro V standards compliant gasoline and diesel with estimated investment of over $1.0 billion.

Government of Pakistan has recently approved the amendments after consultation with all refineries in the earlier approved ‘Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023’ and according to reports this policy to bring investment of approximately $ 5 to 6 billion in the refining sector.

“Cnergyico Pk Limited already assured its commitment in its previous disclosures (notice dated 9th March 2020 for an extraordinary general meeting, disclosures made on 11th January 2021, and 29th September 2021) to upgrade its both refineries to manufacture Euro V standards compliant gasoline and diesel, while concurrently reducing Fuel Oil production”, material information sent to Pakistan Stock Exchange on Friday said.

Copyright Business Recorder, 2024