Articles for tag: Cnergyico, energy security, Exim bank, Hormuz, refining, trade tariffs, US crude, Vitol

The oil refining sector sees $1 billion in investment

Oil refinery. PHOTO: AFP Islamabad: Cnergyico Pk Limited, the country’s largest refiner, is eyeing more than $1 billion in investment following the introduction of a new government policy aimed at boosting the industry. Following its investment, Cnergyico plans to boost production of Euro-V compliant high-speed gasoline and diesel while reducing furnace oil production in response to declining and unpredictable demand. Pakistan has faced several economic challenges in recent times, including political instability, soaring inflation, a weakening currency and dwindling foreign exchange reserves. These factors have eroded investor confidence, making local and foreign investors reluctant to commit capital to major projects.