Efforts on to increase POL production; storage capacity rises by 13.07 per cent.

ISLAMABAD -- The government is working on a multi-pronged strategy to increase production of petroleum commodities by revamping the existing oil refineries and opening up the sector for private companies to create an environment of competition.

'Three oil refineries, out of five existing facilities, were inefficient, and the government has announced a 10-year tax exemption for them to increase their capacity. The given concession would also be applicable for new deep conversion oil refineries,' a senior official privy to the petroleum sector developments told reporter.

He said an unprecedented incentives package was in place for setting up new deep conservation oil refineries, enabling them to import machinery, vehicles, plants and equipment and other materials.

Recently, he said, the government had given a road map for ease-of-doing-business in the petroleum sector, removing red-tapism in getting approval for investment and advancements in different fields.

He said a policy was being worked out, under which procedural hitches were being removed to facilitate investors in the oil refining and marketing sector.

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