Paving the way for a $10 billion oil refinery with the support of Saudi Arabia

Investment in refineries will get tax exemption for 6 years, document.

The way for the establishment of a new oil refinery worth 10 billion dollars was paved in the country with the support of Saudi Arabia. After 17 months, the concerned authorities prepared the oil refining policy and sent it to the cabinet committee.

The Ministry of Petroleum prepared the Oil Refining Policy and sent it to the Cabinet Committee. There is a plan to give tax exemption for investment companies for 6 years. Euro 5 petrol is expected to be available by 2028.

Upgradation of local refineries and $14 billion in foreign investment have brightened prospects.It should be remembered that Saudi Arabia has already announced an investment of 10 billion dollars in Pakistan. With the establishment of the Saudi refinery, the daily capacity of local oil refining in Pakistan will reach 350,000 tons.

According to the document, external investment of 4.5 billion dollars will also be obtained for the upgradation of the existing 5 refineries.

Oil refineries will be able to produce petrol and diesel instead of furnace oil by levying a customs duty of 10% on petrol and 2.5% on diesel.It should be noted that the capacity of existing refineries established in Pakistan is only for production of euro-to-petroleum products. With the new measures, Euro 5 standard petroleum products will be available in Pakistan by 2028.

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