Pakistan's Five Refineries Set to Sign $6 Billion Upgrade Agreements

According to Pakistani daily Business Recorder, carried by Oilprice.com on Friday, 6 Shahrivar 1405 (August 28, 2026), Pakistan's five oil refineries, PARCO, Pakistan Refinery Limited, National Refinery Limited, Cnergyico and Attock Refinery Limited, are expected to sign agreements in early September under the country's Refinery Upgradation Policy, unlocking as much as $6 billion in investment.

Pakistan's Federal Minister for Petroleum, Ali Pervaiz Malik, said the upgrades will let refineries begin producing Euro 5 compliant, ultra low sulfur fuel and reduce Pakistan's reliance on fuel imports. Oilprice.com noted that since the Iran war disrupted oil and fuel supply from West Asia, Pakistan has paid record premiums for fuel imports and its highest LNG cargo prices since 2022.