National Refinery Signs Upgrade Agreement Under Pakistan’s Refinery Policy
National Refinery Limited (NRL) has formally signed an Upgrade Agreement with Inter State Gas Systems (Private) Limited (ISGS), marking a significant step in the company’s plans to modernize its existing refinery infrastructure.
According to the company’s disclosure to the Pakistan Stock Exchange, the agreement has been signed in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange. The agreement has been executed under the Pakistan Oil Refining Policy for Upgradation of Existing / Brownfield Refineries, 2023, which was amended in February 2024 and further amended in August 2026.
The agreement was signed with ISGS, which has been designated by the Ministry of Energy (Petroleum Division) in connection with the refinery-upgrade framework. The development represents an important milestone for NRL as it moves forward with efforts to upgrade its existing facilities.
The company said the signing marks a breakthrough in its efforts to modernize its refinery infrastructure. NRL also stated that the initiative is aimed at contributing to a more sustainable and secure energy future while strengthening supply-chain resilience for Pakistan.
Focus on Refinery Modernization
The upgrade agreement comes within the broader policy framework established for the modernization of existing and brownfield refineries in Pakistan. For NRL, the signing provides a formal basis for progressing its infrastructure-upgrade efforts under the applicable government policy.
The company’s disclosure does not provide specific details regarding the investment amount, project completion timeline, upgraded processing capacity, or individual components of the planned modernization. Therefore, these details cannot be confirmed from the announcement.
Potential Significance for the Energy Sector
Modernizing existing refinery infrastructure is closely connected with the long-term development of Pakistan’s energy supply chain. NRL said its upgrade efforts are intended to support a more sustainable and secure energy future and improve supply-chain resilience.
The signing of the agreement therefore represents an important corporate development for National Refinery as it advances its plans under the government’s brownfield refinery-upgrade policy.
In summary, National Refinery Limited’s signing of the Upgrade Agreement with Inter State Gas Systems marks a formal step toward the modernization of its existing refinery infrastructure and the implementation of its upgrade plans under Pakistan’s refinery policy.
