Prime Minister Shehbaz Sharif has directed authorities to increase Pakistan’s strategic petroleum reserves as part of efforts to strengthen the country’s energy security framework. The directive was issued during a meeting of the Cabinet Committee on Energy held in Islamabad.
The meeting, chaired by Prime Minister Shehbaz Sharif, was attended by Federal Ministers including Ahsan Iqbal, Muhammad Aurangzeb, Ali Pervaiz Malik, and Ahad Khan Cheema, along with senior federal officials. Participants reviewed progress on energy sector reforms, oil refinery upgrades, and implementation of key policy measures.
During the meeting, officials provided a detailed briefing on the modernization of oil refineries, ongoing reforms in the energy sector, and steps being taken to improve policy implementation. The committee also approved proposed amendments to the Pakistan Oil Refining Policy 2023.
Addressing the meeting, Prime Minister Shehbaz Sharif said that upgrading oil refineries is a critical requirement for Pakistan’s future energy needs. He described modern and efficient refineries as an important pillar of the country’s comprehensive energy security strategy.
The prime minister directed relevant authorities to accelerate the reform process while maintaining close coordination with all stakeholders. He emphasized the need to improve the performance of the Oil and Gas Regulatory Authority (OGRA) and introduce reforms to meet changing market requirements.
He stated that reforms in the energy sector would help promote competition, transparency, and investment opportunities. The prime minister also instructed officials to ensure effective and timely implementation of the revised refining policy, warning that negligence or delays would not be tolerated.
Prime Minister Shehbaz Sharif further directed officials to organize investment roadshows in Qatar, Saudi Arabia, and other Gulf countries to promote Pakistan’s amended Oil Refining Policy 2023 and attract foreign investment in the sector.
The prime minister appreciated the efforts of the Petroleum Minister and his team regarding amendments to the refining policy. He also reiterated the importance of expanding petroleum product reserves to improve energy stability and ensure a reliable supply system for the country.
