Pakistan, Aug. 17 -- Pakistan's refinery modernisation programme is moving forward with planned investments of up to $5 billion. Five domestic refineries will invest in green fuel, capacity expansion and cleaner petroleum products. The combined investment could transform the country's refining sector. The government is also finalising agreements with the refineries for their planned projects.

Read More: A New Era for Pakistan's Oil Refinery Sector

Pak-Arab Refinery Company, or Parco, has agreed to proceed with a $600 million green fuel project. The refinery had conducted two studies before selecting the upgrade plan. Parco will sign its implementation agreement within the required timeframe. The project aims to reduce furnace oil produc...