Pakistan’s oil refineries have urged the government to immediately finalize and sign the Upgrade and Escrow Agreements under the amended Brownfield Refineries Upgradation Policy, warning that any further delay will extend the financial penalty imposed on them despite meeting their obligations. In a letter to the Petroleum Division, Attock Refinery Limited (ARL) welcomed the Cabinet Committee on Energy’s recent approval of amendments to the Brownfield Refineries Upgradation Policy but objected to the retrospective reduction in deemed duty protection for refineries that had not formally signed the Upgrade Agreements by October 22, 2024. The company argued that the agreements could not be executed because of delays on the government’s side. Pakistan approved the Brownfield Refineries Upgradation Policy in 2023 to encourage nearly $6 billion in investments aimed at upgrading aging refineries, improving fuel quality to Euro-V standards, increasing production of high-value petroleum products, and reducing the country’s reliance on imported fuels. However, implementation stalled for nearly two years due to disagreements over legal protections, implementation agreements and tax treatment.