Pakistan's three oil refineries, Attock Oil Refinery, National Oil Refinery and Pakistan Oil Refinery, will soon sign an agreement with the Oil and Gas Regulatory Authority (OGRA) under Brownfield Refinery Policy.

This initiative will increase the efficiency and capacity of oil refineries which will contribute to the country's energy security and economic development.

The Brownfield Refinery Policy was approved by the Federal Cabinet last year in August, which aims to encourage existing refineries to upgrade, modernize and expand their facilities.

OGRA will soon hold a meeting with the refineries to discuss the progress of signing the agreements.

The signing of the Brownfield Refinery Policy is also important to enable refineries to go ahead with their plans to upgrade to produce Euro-V compliant fuel.

This agreement marks the beginning of a strategic partnership with the Special Investment Facilitation Council (SIFC) to support the production of environmentally friendly fuel.

The implementation of this policy will increase local production of petrol and diesel as per Euro-V standards, which will reduce the burden on imports and save foreign exchange.