Minister for Petroleum Ali Pervaiz Malik says all five oil refineries in the country are ready to sign agreements under the Refinery Upgrade Policy.

The agreements are expected to be signed at the beginning of next month, attracting investment of over six billion dollars.

During his visit to Karachi, the Minister held meetings with the managements of PARCO, Pakistan Refinery, Attock Refinery, National Refinery and Cnergyico.

The meetings reviewed implementation of the Brownfield Refinery Upgrade Policy, financial and operational performance of the refineries and measures to strengthen energy security.

Speaking on the occasion, Ali Pervaiz Malik said modernization of the refineries is imperative for the long-term sustainability of the country's refining sector.

He said the upgraded refineries will enable Pakistan to produce Euro-5 standard fuel products and reduce dependence on imported petrol and diesel.

The Minister said increased domestic production could also help bring down the fuel prices.

He assured that the government will continue to facilitate refineries in resolving issues related to implementation of the policy.