Cnergyico Pk Limited has signed an Upgradation Agreement with the Government of Pakistan through Inter State Gas Systems (ISGS), marking a formal step toward the modernization and upgradation of its existing refinery.
Cnergyico Pk Limited has announced that it signed an Upgradation Agreement with the Government of Pakistan on September 24, 2026, through the state-owned Inter State Gas Systems (Private) Limited (ISGS). The agreement was signed pursuant to the approval of the Economic Coordination Committee (ECC) of the Cabinet under the Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023, as amended in August 2026.
Under the agreement, ISGS has been nominated as the implementation entity on behalf of the Petroleum Division. The agreement provides for the upgradation of Cnergyico’s existing refinery, including implementation of the approved refinery upgradation project, subject to the terms and conditions specified under the policy.
Focus on Refinery Modernization
The development represents a formal framework for Cnergyico to proceed with its refinery modernization plans under the government’s brownfield refinery policy. The company said it remains committed to upgrading and modernizing its refinery in line with the objectives of the policy.
Cnergyico also expressed appreciation for the government’s support and initiatives aimed at facilitating modernization and upgradation within Pakistan’s refining sector.
Agreement Signed in Islamabad
The signing ceremony was held in Islamabad and was attended by representatives of the Government of Pakistan and participating refineries, according to the company’s disclosure to the Pakistan Stock Exchange.
The company disclosed the agreement as material information in compliance with Section 96 of the Securities Act, 2015 and the applicable Pakistan Stock Exchange listing requirements. The disclosure form also identifies the announcement as price-sensitive/inside information concerning the listed securities.
What the Agreement Means for Cnergyico
The agreement establishes the formal mechanism for implementing Cnergyico’s approved refinery upgradation project under the government’s policy framework. However, the disclosure does not provide specific details regarding the project’s investment size, construction timeline, additional refining capacity, or expected financial impact.
For now, the key development is the signing of the Upgradation Agreement and the appointment of ISGS as the implementation entity for the project. Further details on project execution would depend on subsequent announcements and implementation under the policy.
