Execution of Pakistan Oil Refining Policy: ISGS designated as policy implementation entity

ISLAMABAD: The Petroleum Division has designated Inter State Gas Systems (ISGS) as the policy implementation entity for execution of the Pakistan Oil Refining Policy for upgradation of existing/brownfield refineries, 2023, as amended in August 2026. According to an official notification issued on August 24, 2026, the amended policy was approved by the ECC on July 28, 2026 and subsequently ratified by the Cabinet. The notification said Clause 6. 3. 1 of the policy provides that refineries may execute Upgrade Agreements with a designated entity nominated by the Petroleum Division. It added that Clause 6. 1. 5. 4 provides for constitution of a Project Management Unit (PMU), comprising technical and financial experts, by the Petroleum Division to ensure smooth implementation of the policy. The Petroleum Division said the responsibility for the PMU could also be assigned to any other entity under its administrative control, while all expenses relating to the implementation would be met from the respective refinery Upgrade Account. “Pursuant to the above policy provisions” and a meeting chaired by the Secretary Petroleum on August 17, 2026, ISGS has now been designated to implement the policy on behalf of the Petroleum Division, the notification stated. ISGS will perform functions assigned to the Petroleum Division under the policy, including execution of Upgrade Agreements, opening of refinery Upgrade Accounts, monitoring of upgradation projects, hiring of technical consultants/auditors and payment of incentive amounts out of the refinery Upgrade Accounts. Copyright Business Recorder, 2026

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