ISLAMABAD -- The government was looking into a proposal of setting up new oil storage facilities and establishing Oil Marketing Companies (OMCs) for more effective supply of petroleum products across the country.
The Oil and Gas Regulatory Authority, in the annual development plan, had proposed construction of ten new oil storage facilities, having combined capacity of 304,445 metric tons (mt) petrol and 446,335 mt diesel, during the current financial year.
Moreover, ten new OMCs were also part of the proposal, official sources told reporter.
The sources said the indigenous crude oil met only 15 percent of the country's total requirements, while 85 percent requirements were met through imports in the shape of crude oil and refined petroleum products.
'The indigenous and imported crude is refined by six major and two small refineries,' they added.
They said the government was making efforts to bring improvement in existing refineries as well as attracting foreign investment in the sector.
Recently, the sources said, Byco Oil Pakistan Limited (Byco) had established an oil refinery at Hub, Balochistan, with refining capacity of 120,000 barrels per day (5 million tons per annum) at...