Govt finally revamps oil refining policy; what does it mean?

ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries, with an estimated investment of about $6bn, to improve product quality and increase production. The Brownfield Refining Policy is a regulatory framework aimed at upgrading existing oil refineries, modernising their operations and improving their financial viability. The policy — approved by the Cabinet Committee on Energy (CCoE), led by Prime Minister Shehbaz Sharif — provides stability clauses to protect investment, offers tax incentives and foreign exchange accounts for the import of machinery against the export of furnace oil, besides…