PHOTO: REUTERSThe government has asked oil refineries to accelerate their multibillion-dollar modernisation plans under the amended brownfield refining policy and has set a six-year timeframe for project completion while offering an additional incentive to the refineries that upgrade plants within three years, sources say. The decision follows consideration of amendments to the brownfield refining policy by the Cabinet Committee on Energy. According to the cabinet's decision, the period available to the refineries for signing upgrade agreements with the government has been reduced from 90 days to 60 days. Refineries that do not sign the upgrade agreements as well as those that have not implemented the already signed agreements will face penalties without exception, according to the cabinet's decision. The Petroleum Division will be responsible for signing and implementing refinery upgrade projects instead of Ogra.