Pakistan’s five oil refineries are set to sign modernization agreements that could unlock more than $6 billion in investment and enable domestic production of Euro 5-compliant fuel, according to a government statement.

Federal Petroleum Minister Ali Pervaiz Malik met with the management of Pak Arab Refinery Limited, Pakistan Refinery Limited, National Refinery Limited, Cnergyico and Attock Refinery Limited to review progress under the Brownfield Refinery Upgradation Policy. All five refineries confirmed that they are ready to sign the agreements, which are expected to be completed early next month.

The planned upgrades are expected to enable the refineries to produce Euro 5-compliant fuel domestically, potentially reducing Pakistan’s dependence on imported petrol and diesel. The government said greater domestic production could also help lower fuel costs compared with imported products.

Malik said the agreements need to be signed promptly to move the upgradation program forward and pledged government support in resolving implementation issues. The refinery managements said they had completed the required preparations and were ready to begin implementation of the policy.

During the meetings, refinery executives also discussed their financial and operational performance and measures taken to maintain operations during the Strait of Hormuz crisis. Malik said maintaining uninterrupted petroleum supplies and developing resilient supply chains remain important to Pakistan’s energy security.

The minister also reviewed developments related to the proposed Oil City in Hub, which is planned as an energy terminal and storage complex aimed at strengthening energy security, improving trade connectivity and supporting supply assurance.

Malik reiterated that upgrading the country’s refining capacity would improve fuel quality and efficiency while strengthening domestic supply, reducing reliance on imported petroleum products and supporting Pakistan’s broader energy security goals.