Pakistan, July 29 -- The Cabinet Committee on Energy's approval of Brownfield Refining Policy revives an upgrade programme that had remained stalled for years. The revised framework seeks to unlock $6 billion for existing refineries through fiscal incentives, foreign-exchange facilities for machinery imports, and additional offshore and onshore storage.

The delay had repeatedly made headlines for its steep price. Pakistan has around 20 million tonnes of annual refining capacity, yet average utilisation stood near 63 per cent in FY25. Local refineries supplied about 10.2 million tonnes of petroleum products, meeting 56.5 per cent of demand, while finished-product imports rose to 7.8 million tonnes. Motor gasoline accounted for 5.5 million...