Cynergico Pvt Ltd has at the upgrading of both its refineries to produce Euro-V-compliant petrol and diesel.
The estimated investment of this project is more than $1 billion. The Special Capital Facility Council (SIFC) has been instrumental in bridging the gap between the government and oil refineries. The development marked the expansion of local oil refining capacity under the recently approved 'Brown Field oil refinery policy'.
The policy, approved after amendments in February 2024, is expected to attract around $5-6 billion in investment in the refining sector.
The upgrade will help the refinery to increase production of higher profit margins and premium products like petrol and diesel instead of furnace oil. The will result in significant reduction in imports of expensive refined products and significant savings in foreign exchange.
The company aims to double its installed processing capacity to 50,000 barrels. The project is expected to be completed by the end of 2028.
