Cnergyico Limited, Pakistan’s largest oil refinery, reiterated its commitment to upgrade both refineries to Euro V standards with an investment of $1 billion.
According to a notice sent to the Pakistan Stock Exchange on Friday, Cnergyico said that the 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’.
This policy will bring investment of approximately $5 to $6 billion in the refining sector, which is reported in various news items published in newspapers in the last few days, read the notice.
“Cnergyico already assured its commitment in its previous disclosures to upgrade its both refineries to manufacture Euro V standards compliant gasoline and diesel, while concurrently reducing fuel oil production.”
The anticipated investment by Cnergyico is set to exceed $1 billion, it said.
However, precise cost estimates will be established after the Front-End Engineering Design (FEED) of the Upgrade Project.
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