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Cabinet committee approves Pakistan Oil Refinery Policy 2021

CCoE directs Petroleum Division to revisit the upfront incentive package. (Source: APP)

ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Monday approved the Pakistan Oil Refinery Policy 2021, directing the Petroleum Division to revisit the upfront incentive package offered to the existing refineries in the country.

The development was made during the meeting held under the Chairmanship of the Minister for Planning and Development Asad Umar. The Petroleum Division presented the summary of Pakistan Oil Refinery Policy 2021 during the meeting.

The Power Division also submitted a report of the Implementation Committee on the ratification of the independent power producers (IPPs) agreement, under the 2002 Power Policy.

After a detailed discussion, the committee approved the final report of the Implementation Committee and directed the Power Division to proceed with the payments of all 11 IPPs as per the signed agreement.

The statement added that due to the limited availability of natural gas during winters, the consumers need alternative affordable resources for meeting the heating requirements.

Hence, the winter incentive package for electricity consumers from November 1, 2021, to February 28, 2022, was submitted by the Power Division and approved by the CCoE.

The CCoE directed Power Division that K-Electric consumers should also be included in this package. The Committee further directed the Petroleum Division to submit an inverse gas pricing mechanism for the same months within this week.