Day: August 24, 2026

Refinery Upgrade Investments at Risk Amid Pakistan’s Deregulation Push

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New-Project53

ISLAMABAD: Pakistan’s drive towards deregulating petroleum prices has brought the refinery sector to a critical policy crossroads, with industry stakeholders warning that uncertainty over incentives, deemed duties and regulatory controls could jeopardise billions of dollars in planned refinery upgrade investments. The debate has intensified as the government moves to finalise long-delayed implementation agreements under the Brownfield Refinery Policy while simultaneously considering greater deregulation of petroleum-product prices. Industry and government sources say the two approaches are increasingly difficult to reconcile without a clear transition framework. Experts argue that under a genuinely…

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Pakistan to Establish Bonded Oil Storage System to Boost Fuel Security

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New-Project52

LAHORE: Pakistan is moving to establish its first commercial bonded oil storage system, allowing Gulf producers and international commodity traders to store petroleum products in the country for onward export while giving the government access to a portion of the stocks during emergencies. Federal Minister for Petroleum Ali Pervaiz Malik said the proposal, aimed at positioning Pakistan as a regional oil storage and distribution hub and strengthening fuel security, would be presented to the Economic Coordination Committee (ECC) for approval. Speaking at a roundtable titled “From State Control to Competition:…

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ECC to Consider Revised Policy for Customs-Bonded Oil Storage

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New-Project51

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is set to consider revised policy guidelines for importing petroleum products on foreign suppliers’ accounts through customs-bonded storage facilities, as the government seeks to strengthen Pakistan’s energy security and build greater resilience in fuel supplies. The existing policy was approved in June 2023, but no foreign supplier has so far established a bonded storage facility under the framework. The government now plans to revise the policy in response to vulnerabilities highlighted by disruptions in the Strait of Hormuz and the need…

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US Threatens Iran with Sweeping Sanctions as Tehran Warns of Oil Export Halt

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New-Project33

CAIRO/WASHINGTON: The United States is preparing to impose sweeping new economic sanctions on Iran, describing the measures as one of the most aggressive financial campaigns ever launched against an adversary, while Tehran has warned it could halt all oil exports from the Gulf if the economic pressure continues. US Treasury Secretary Scott Bessent is expected to outline the new measures at a press conference on Monday, targeting Iran’s trading partners and entities involved in its economy and financial system. Bessent described the planned action as an “economic D-Day”, warning countries…

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ECC May Approve PSO-OQ Oman Deal to Strengthen Pakistan’s Fuel Supply

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New-Project50

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is expected to approve a sale and purchase agreement between Pakistan State Oil (PSO) and Oman’s OQ Trading Limited for the supply of petroleum products. The proposed agreement comes as Pakistan seeks to diversify its energy import sources and strengthen fuel supply resilience amid changing regional dynamics and risks surrounding the Strait of Hormuz. PSO and Oman Trading International had held discussions in March on increasing oil cargoes to help meet Pakistan’s energy requirements. Following the talks, three petrol cargoes and…

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