Pakistan Revamps Energy Strategy: PM Shehbaz Orders Expansion of Strategic Petroleum Reserves

In a bid to bolster Pakistan's energy security, Prime Minister Shehbaz Sharif has instructed authorities to expand the country's strategic petroleum reserves. This move is part of a comprehensive plan to enhance the nation's energy infrastructure, with a focus on upgrading oil refineries to meet modern requirements. The decision was made during a meeting of the Cabinet Committee on Energy, where the proposed amendments to the Pakistan Oil Refining Policy, 2023, were approved. The prime minister emphasized the importance of refining upgradation, stating that it is crucial for reducing dependence on imported fuel and providing environment-friendly fuel. The government aims to promote competition, transparency, and investment in the energy sector by introducing reforms to improve the Oil and Gas Regulatory Authority's performance. To achieve this, roadshows will be held in Qatar, Saudi Arabia, and other Gulf countries to promote the amended policy regarding brownfield refineries. The meeting was attended by federal ministers, including Ahad Khan Cheema, Muhammad Aurangzeb, and Ali Pervaiz Malik, as well as relevant federal secretaries and senior government officials. The expansion of strategic petroleum reserves is expected to play a vital role in ensuring Pakistan's energy security, particularly in light of the ongoing war in the Middle East, which has led to oil shocks and highlighted the need for strategic planning.