ISLAMABAD: Minister of State for Petroleum Musadik Masood Malik has said that the government approved the Greenfield Oil Refining Policy and Pakistan is bringing 100,000 tons of oil from Russia.
According to the details, during the press conference in Islamabad, Musadik Masood Malik said that the crude oil will be transported from Russia to Oman in two to three days and then the oil will reach Pakistan through small ships.
Speaking during the press conference, Malik said that the new greenfield oil refining policy in Pakistan will attract foreign investment. “We are looking to install a state-of-the-art 4 lakh barrel per day oil refinery. Energy security is essential for economic development,” he said.
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During the conversation, Malik said that the new refineries will be installed in the special economic zone, and the investors will get tax exemptions. “Investments in oil refining will be protected under the Foreign Investment Act,” he said.
The Minister of State for Petroleum said that the LPG air mix policy is being introduced. According to the minister, LPG will be supplied by the private sector in gas-deprived areas. “Our annual requirement of petrol and diesel is estimated at 20 to 21 million tonnes,” he said.
Malik said that local refineries provide 50 percent of the country’s needs, furnace oil consumption is beginning to end, and by 2032 the consumption of petrol and diesel will reach 33 million tons per year. The crude oil ship from Russia will arrive in Oman on May 27-28.
He said that 100,000 tons of oil will reach Pakistan with the help of small ships. In response to a question, Mossadegh Malik said that I think the IMF should have no objection to a cheap petrol package for a poor country.
