The vessels carrying 100,000 tons of discounted Russian oil is expected to be arrived at Pakistan ports in the first week of June as part of the energy security plan of the government. State Minister for Energy, Musadik Malik announced this during an off-camera meeting with media persons on new refinery policy, which aims at incentivizing the greenfield investment in shallow, deep conversion, and ultra-deep conversion new refineries up to 20 years.
The new refinery policy has 20 years’ incentives for 300,000 tons capacity refinery and 10 years below 300,000 tons refinery but it will be mandatory the financial closure would be within five years. The import duty on the equipment used in the refinery on 300,000 and above would be 7.5 percent on MS and diesel for 20 years and the same incentives will be applicable for 10 years on below capacity of 300,000 new refineries. He said by 2030, the consumption of petrol and diesel would increase from 20 million to 33 million.