Cabinet Committee Approves 6-Month Extension to Refinery Policy 2023

The Cabinet Committee on Energy, under the chairmanship of Prime Minister Shehbaz Sharif, approved the extension of 6 months in the Refinery Policy 2023 regarding the upgradation of the existing refineries on Friday. The cabinet committee directed the Ministry of Petroleum to take the oil refineries into confidence and prepare a comprehensive plan for upgradation on a priority basis. A detailed report on circular debt in the electricity sector from July 2023 to May 2024 was also presented during the meeting. The report said that the volume of the power sector’s circular debt stood at Rs. 2,655 billion till May 2024. The committee also approved the Standardized Security Package Document under the Power Policy 2015 for small water projects of the private sector aimed at promoting private investment in the electricity sector and quickly resolving the tariff and other issues. On complaints regarding electricity supply issues to Gilgit-Baltistan, the premier constituted a committee to prepare a plan of action to ensure the uninterrupted supply of electricity in Gilgit-Baltistan. The committee also approved the establishment of a DISCOs Support Unit to increase the efficiency of electricity distribution companies, prevent electricity theft, and timely collection of bills. The federal cabinet will approve the tenure of the DISCOs Support Unit for two years. Discos Support Unit will be started from Multan Electric Power Company (MEPCO). The committee also approved an incentive package for the recovery of unpaid and overdue electricity bills. Under this package, rewards will be given to law enforcement agencies and officials of DISCOs for the recovery of unpaid and overdue electricity bills.