Pakistan 6 Yıl Sonra Rafineri Modernizasyonu İçin 6 Milyar Dolarlık Yatırımı Onayladı
Pakistan hükümeti, altı yıllık tıkanıklığın ardından Salı günü, ülkenin petrol rafinerilerini modernize etmek amacıyla Brownfield Rafineri Politikası'nı onayladı. Başbakan Şahbaz Şerif başkanlığındaki Enerji Kabine Komitesi tarafından kabul edilen politika, yaklaşık 6 milyar dolarlık bir yatırımla ürün kalitesini artırmayı ve üretim kapasitesini yükseltmeyi hedefliyor. Politika, yatırımcıları korumak için istikrar maddeleri içeriyor. Bu karar, Pakistan'ın enerji sektöründe uzun süredir beklenen bir adım olarak öne çıkıyor. Mevcut rafinerilerin teknolojisi, yüksek kükürtlü yakıt üretimi nedeniyle çevresel ve ekonomik yük oluşturuyordu. Yeni politika, tesislerin iyileştirilmesini teşvik ederek ithalata bağımlılığı azaltmayı ve daha temiz yakıt standartlarına ulaşmayı amaçlıyor. Ekonomik zorluklar ve enerji arz güvenliği endişelerinin gölgesinde gelen bu onay, uluslararası yatırımcılara güven vermeyi hedefliyor. Rafineri sektörüne yapılacak modernizasyon yatırımları, hem cari açığın düşürülmesine katkı sağlayabilir hem de istihdam yaratabilir. Politikanın başarısı, sağlanan teşviklerin uygulanmasına ve küresel enerji piyasasındaki gelişmelere bağlı olacak.
This summary is currently in Turkish; automated English translation is coming soon.
Bağlam, hikayenin etrafındaki ülke + lider + komşu hikaye ağına dayanılarak AI tarafından üretildi. Olgu içerikleri için her zaman üstteki kaynak linklerine başvurun.
Bu gündemi takip et
Pakistan gelişmelerini kaçırma — ücretsiz kaydol, günlük brifinginde gör.
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Govt approves new oil refining policy after 6 years; what does it mean?
ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries with an estimated investment of about $6bn to improve product quality and increase production. The policy — approved by the Cabinet Committee on Energy (CCoE) led by Prime Minister Shehbaz Sharif — provides stability clauses to protect investment, gives tax incentives and foreign exchange accounts for imports of machinery against export of furnace oil, besides enhancing both offshore and onshore storage for greater energy security. The policy, revised by amending the original 2023 legislation, now supersedes all previous refining policies. Under the Brownfield Refining Policy, the five existing refineries will make improvements in product quality, quantity and product mix through upgradation. As such, the total production of motor spirit (petrol) and high-speed diesel (HSD) will significantly improve, and that of furnace oil will reduce. This means the total petrol production would increase by 72pc to 18,400 tonnes per day (TPD) from the current 10,700 TPD. HSD output would rise by 39 per cent to 29,520 TPD from 21,240 TPD, while furnace oil production would drop by 63pc to 5,714 TPD from 15,417 TPD at present. All existing refineries are to upgrade/modernise/expand (Upgrade Project) their refineries to produce environmentally friendly fuels as per Euro-V emission specifications and to maximise production of motor gasoline, diesel or other value-added products, if any, by minimising furnace oil/other fuels. Euro V standards permit only 10 parts per million (ppm) of sulphur in gasoline and diesel. Euro IV allows 50 ppm while Euro III allows 150 ppm in gasoline and 350 ppm in diesel. The refineries that commit to the Upgrade Project shall be entitled to incentives under the newly approved policy. The selection of equipment, technology or process will be on a project-to-project basis by the concerned refineries. Refineries shall be allowed to sell their products to any oil-marketing companies (OMCs) licensed by the Oil and Gas Regulatory Authority (Ogra). Refineries will be allowed to export surplus petroleum products with respect to domestic demand subject to approval of Ogra. There shall be binding agreements between the refineries and OMCs for sale/purchase of major products (motor gasoline and HSD) based on product review meetings to ensure a smooth oil supply chain. The Petroleum Division will notify the Euro-V fuel specifications for compliance after the upgradation of refineries within one month from now. In case the government decides to improve the fuel specification beyond Euro-V, the timelines for applicability of the revised specification shall be devised and notified as required. Fiscal regime Under the Brownfield Refining Policy, there will be a minimum customs duty/regulatory duty of 10pc on motor gasoline and diesel imported in the country, for a period of seven years from the date of notification of the new policy. Any customs duty imposed over 10pc and reflected in the ex-refinery price will be deposited in the Inland Freight Equalisation Margin (IFEM) pool. In case any refinery is not eligible to avail the incentives provided in the policy, it will be bound to deposit the same in IFEM. Customs duty on crude oil will also be reimbursed to refineries through IFEM. The refineries will be allowed 10pc tariff protection/deemed duty applicable on motor gasoline and diesel’s ex-refinery price for seven years from the date of signing of the Upgrade Agreement and opening of a joint escrow account with Ogra within 90 days of notification of the new policy. An escrow account is a temporary account managed by a neutral third party to hold funds, documents, or other assets until specific contractual conditions are met. However, 2.5pc of the deemed duty on diesel and 10pc on motor gasoline (incremental incentive) will be deposited by refineries in the escrow account maintained by Ogra and the respective refinery jointly in National Bank of Pakistan (NBP) for utilisation of Upgrade Projects only. Until the opening of the said account, the incremental incentive should be deposited in the IFEM. The prevailing 7.5pc deemed duty on HSD for sustainability will continue after the 7-year incentive period for 20 years or till deregulation, whichever is earlier. Any disallowed sales tax related to refinery operations, confirmed by the Federal Board of Revenue (FBR), due to exempt status of petroleum products will continue to be reimbursed through IFEM for FY26 till validity of Upgrade Agreements to be executed under the policy. Equipment to be installed or material to be used in the refinery upgradation project will also be exempted from sales tax. After upgradation, crude oil inventory on site is to be maintained for 14 days of name plate capacity of refinery at all times. Refineries relying on import of crude oil will ensure an additional five days cover at sea at all times. Implementation mechanism For an existing refinery to be eligible for the fiscal incentives provided in the policy, it shall execute a legally binding Upgrade Agreement with Ogra within 90 days of the policy’s notification. The said Upgrade Agreement shall include the output and outcome of the committed upgrade, including maximum production of Euro V-compliant petrol and HSD and other value-added products and significant reduction in furnace oil as firmed up in the front-end engineering design (FEED) of the Upgrade Project. Next, the agreement will also include the proposed milestones/deliverables with tentative timelines, including a feasibility study, FEED, financial close, EPC (engineering, procurement and construction), the potential configuration, the tentative product slate after upgradation, and a project management methodology for on-time delivery, as per approved cost and specification. The milestones or deliverables and timelines will be firmed up in the Upgrade Project’s FEED. Refinery defaulting on any government dues (petroleum and climate support levy) on petroleum products would not be eligible to avail benefits under the policy until a legally binding and enforceable settlement is reached with the government. Till such time, the defaulting refinery will deposit the incremental incentives into the IFEM pool. Once a settlement is reached with the government, the refinery will become eligible to sign the Upgrade Agreement and open a joint escrow account with Ogra and start depositing the incremental incentives on a prospective basis. The funds available in the joint escrow account can only be drawn and used by the respective refinery on the Upgrade Project after payment of all outstanding government dues (petroleum and climate support levy) on petroleum products. If a refinery defaults in payment of government dues on petroleum products in a timely manner after the execution of the Upgrade Agreement, Ogra will suspend the refinery’s right to claim expenditure out of the joint escrow account till the time the refinery deposits the outstanding amount along with a late payment surcharge. Eligible refineries importing used plant, machinery and equipment (PME) for the Upgrade Project will be allowed to withdraw a maximum of 24.5pc of the total project cost from the joint escrow account, whereas refineries importing new PME for the upgradation will be allowed to withdraw a maximum of 27.5pc of the project cost from the account. The release from the joint escrow account will be on a pro-rata basis, ie a maximum capped limit of 24.5pc, or 27.5pc as the case may be, from the escrow account, and the remaining from the refineries’ own resources. Ogra will allow withdrawal of a maximum of the respective capped limit of the refinery’s project cost for the upgradation, determined based on the Final Investment Decision (FID). In case the funds deposited in the joint escrow account are less than the respective capped limit of the expenditure made on a milestone/ deliverable and/or on the entire Upgrade Project basis, the government or Ogra will have no obligation to meet the shortfall, the policy says. The funds from the escrow account will be available for withdrawal, post financial close and upon completion of 25pc physical progress of the Upgrade Project or opening of matching letters of credit (LCs), against expenditure made for each milestone of the respective refinery Upgrade Project. The interest accrued in the joint escrow account will also be used for the respective capped limit of the payment of the Upgrade Project from the same account. Ogra will have a unilateral right to withdraw funds from the relevant joint escrow account in case of milestone failures. The deposit in the joint escrow account will only be utilised for capital expenditure and revenue expenditure associated with the capital expenditure only on the Upgrade Project. The account will not be used as any charge/lien/collateral or other instrument of borrowing. Furthermore, under the policy, there will be a comprehensive monitoring mechanism for upgrade commitments through third-party evaluations and independent auditors. If a refinery at any stage decides to quit the Upgrade Project, the funds in the joint escrow account would be withdrawn by Ogra for use in IFEM, and those already spent would be recovered from the defaulting refinery. The dispute would be settled through an Islamabad-based arbitration tribunal, with one member each nominated by the disputing parties and a third to be nominated by those two members. Meanwhile, a difficulties committee comprising secretaries of petroleum, finance and law would address issues and anomalies during the course of implementation. Policy stability On the demand of the oil industry, the Upgrade Project will be entitled to a fixed stabilisation regime. Specific provisions are provided in the new policy to ensure an economic equilibrium for the Upgrade Project and protect and indemnify the refineries against any disruption or adverse changes in laws, regulations (including environmental standards, licensing regime, etc), fiscal regime, foreign exchange regulations, or tax laws (including imposition of new taxes), which could have an adverse economic impact or adverse impact on the timelines of the Upgrade Project. This will include a comprehensive provision covering the refinery’s rights (eg material/reasons attributable to governmental bodies, including without limitation the stability/change in law undertaking, certain political force majeure, prolonged force majeure) and any mutual exit rights. Force majeure is a clause included in contracts that allows a party to be excused from its obligations due to circumstances that are beyond its control. At its option, the refinery will be permitted to open and maintain an onshore foreign currency account or accounts for servicing its foreign currency obligations and maintaining a credit balance equivalent to one year’s debt in relation to the Upgrade Project. The said onshore foreign currency account may be fed with the refinery’s export proceeds, including all the export proceeds from sales of furnace oil.
- Economic28 Jul, 12:58
Govt approves new oil refining policy after years; what does it mean?
ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries with an estimated investment of about $6bn to improve product quality and increase production. The policy — approved by the Cabinet Committee on Energy (CCoE) led by Prime Minister Shehbaz Sharif — provides stability clauses to protect investment, gives tax incentives and foreign exchange accounts for imports of machinery against export of furnace oil, besides enhancing both offshore and onshore storage for greater energy security. The policy, revised by amending the original 2023 legislation, now supersedes all previous refining policies. Under the Brownfield Refining Policy, the five existing refineries will make improvements in product quality, quantity and product mix through upgradation. As such, the total production of motor spirit (petrol) and high-speed diesel (HSD) will significantly improve, and that of furnace oil will reduce. This means the total petrol production would increase by 72pc to 18,400 tonnes per day (TPD) from the current 10,700 TPD. HSD output would rise by 39 per cent to 29,520 TPD from 21,240 TPD, while furnace oil production would drop by 63pc to 5,714 TPD from 15,417 TPD at present. All existing refineries are to upgrade/modernise/expand (Upgrade Project) their refineries to produce environmentally friendly fuels as per Euro-V emission specifications and to maximise production of motor gasoline, diesel or other value-added products, if any, by minimising furnace oil/other fuels. Euro V standards permit only 10 parts per million (ppm) of sulphur in gasoline and diesel. Euro IV allows 50 ppm while Euro III allows 150 ppm in gasoline and 350 ppm in diesel. The refineries that commit to the Upgrade Project shall be entitled to incentives under the newly approved policy. The selection of equipment, technology or process will be on a project-to-project basis by the concerned refineries. Refineries shall be allowed to sell their products to any oil-marketing companies (OMCs) licensed by the Oil and Gas Regulatory Authority (Ogra). Refineries will be allowed to export surplus petroleum products with respect to domestic demand subject to approval of Ogra. There shall be binding agreements between the refineries and OMCs for sale/purchase of major products (motor gasoline and HSD) based on product review meetings to ensure a smooth oil supply chain. The Petroleum Division will notify the Euro-V fuel specifications for compliance after the upgradation of refineries within one month from now. In case the government decides to improve the fuel specification beyond Euro-V, the timelines for applicability of the revised specification shall be devised and notified as required. Fiscal regime Under the Brownfield Refining Policy, there will be a minimum customs duty/regulatory duty of 10pc on motor gasoline and diesel imported in the country, for a period of seven years from the date of notification of the new policy. Any customs duty imposed over 10pc and reflected in the ex-refinery price will be deposited in the Inland Freight Equalisation Margin (IFEM) pool. In case any refinery is not eligible to avail the incentives provided in the policy, it will be bound to deposit the same in IFEM. Customs duty on crude oil will also be reimbursed to refineries through IFEM. The refineries will be allowed 10pc tariff protection/deemed duty applicable on motor gasoline and diesel’s ex-refinery price for seven years from the date of signing of the Upgrade Agreement and opening of a joint escrow account with Ogra within 90 days of notification of the new policy. An escrow account is a temporary account managed by a neutral third party to hold funds, documents, or other assets until specific contractual conditions are met. However, 2.5pc of the deemed duty on diesel and 10pc on motor gasoline (incremental incentive) will be deposited by refineries in the escrow account maintained by Ogra and the respective refinery jointly in National Bank of Pakistan (NBP) for utilisation of Upgrade Projects only. Until the opening of the said account, the incremental incentive should be deposited in the IFEM. The prevailing 7.5pc deemed duty on HSD for sustainability will continue after the 7-year incentive period for 20 years or till deregulation, whichever is earlier. Any disallowed sales tax related to refinery operations, confirmed by the Federal Board of Revenue (FBR), due to exempt status of petroleum products will continue to be reimbursed through IFEM for FY26 till validity of Upgrade Agreements to be executed under the policy. Equipment to be installed or material to be used in the refinery upgradation project will also be exempted from sales tax. After upgradation, crude oil inventory on site is to be maintained for 14 days of name plate capacity of refinery at all times. Refineries relying on import of crude oil will ensure an additional five days cover at sea at all times. Implementation mechanism For an existing refinery to be eligible for the fiscal incentives provided in the policy, it shall execute a legally binding Upgrade Agreement with Ogra within 90 days of the policy’s notification. The said Upgrade Agreement shall include the output and outcome of the committed upgrade, including maximum production of Euro V-compliant petrol and HSD and other value-added products and significant reduction in furnace oil as firmed up in the front-end engineering design (FEED) of the Upgrade Project. Next, the agreement will also include the proposed milestones/deliverables with tentative timelines, including a feasibility study, FEED, financial close, EPC (engineering, procurement and construction), the potential configuration, the tentative product slate after upgradation, and a project management methodology for on-time delivery, as per approved cost and specification. The milestones or deliverables and timelines will be firmed up in the Upgrade Project’s FEED. Refinery defaulting on any government dues (petroleum and climate support levy) on petroleum products would not be eligible to avail benefits under the policy until a legally binding and enforceable settlement is reached with the government. Till such time, the defaulting refinery will deposit the incremental incentives into the IFEM pool. Once a settlement is reached with the government, the refinery will become eligible to sign the Upgrade Agreement and open a joint escrow account with Ogra and start depositing the incremental incentives on a prospective basis. The funds available in the joint escrow account can only be drawn and used by the respective refinery on the Upgrade Project after payment of all outstanding government dues (petroleum and climate support levy) on petroleum products. If a refinery defaults in payment of government dues on petroleum products in a timely manner after the execution of the Upgrade Agreement, Ogra will suspend the refinery’s right to claim expenditure out of the joint escrow account till the time the refinery deposits the outstanding amount along with a late payment surcharge. Eligible refineries importing used plant, machinery and equipment (PME) for the Upgrade Project will be allowed to withdraw a maximum of 24.5pc of the total project cost from the joint escrow account, whereas refineries importing new PME for the upgradation will be allowed to withdraw a maximum of 27.5pc of the project cost from the account. The release from the joint escrow account will be on a pro-rata basis, ie a maximum capped limit of 24.5pc, or 27.5pc as the case may be, from the escrow account, and the remaining from the refineries’ own resources. Ogra will allow withdrawal of a maximum of the respective capped limit of the refinery’s project cost for the upgradation, determined based on the Final Investment Decision (FID). In case the funds deposited in the joint escrow account are less than the respective capped limit of the expenditure made on a milestone/ deliverable and/or on the entire Upgrade Project basis, the government or Ogra will have no obligation to meet the shortfall, the policy says. The funds from the escrow account will be available for withdrawal, post financial close and upon completion of 25pc physical progress of the Upgrade Project or opening of matching letters of credit (LCs), against expenditure made for each milestone of the respective refinery Upgrade Project. The interest accrued in the joint escrow account will also be used for the respective capped limit of the payment of the Upgrade Project from the same account. Ogra will have a unilateral right to withdraw funds from the relevant joint escrow account in case of milestone failures. The deposit in the joint escrow account will only be utilised for capital expenditure and revenue expenditure associated with the capital expenditure only on the Upgrade Project. The account will not be used as any charge/lien/collateral or other instrument of borrowing. Furthermore, under the policy, there will be a comprehensive monitoring mechanism for upgrade commitments through third-party evaluations and independent auditors. If a refinery at any stage decides to quit the Upgrade Project, the funds in the joint escrow account would be withdrawn by Ogra for use in IFEM, and those already spent would be recovered from the defaulting refinery. The dispute would be settled through an Islamabad-based arbitration tribunal, with one member each nominated by the disputing parties and a third to be nominated by those two members. Meanwhile, a difficulties committee comprising secretaries of petroleum, finance and law would address issues and anomalies during the course of implementation. Policy stability On the demand of the oil industry, the Upgrade Project will be entitled to a fixed stabilisation regime. Specific provisions are provided in the new policy to ensure an economic equilibrium for the Upgrade Project and protect and indemnify the refineries against any disruption or adverse changes in laws, regulations (including environmental standards, licensing regime, etc), fiscal regime, foreign exchange regulations, or tax laws (including imposition of new taxes), which could have an adverse economic impact or adverse impact on the timelines of the Upgrade Project. This will include a comprehensive provision covering the refinery’s rights (eg material/reasons attributable to governmental bodies, including without limitation the stability/change in law undertaking, certain political force majeure, prolonged force majeure) and any mutual exit rights. Force majeure is a clause included in contracts that allows a party to be excused from its obligations due to circumstances that are beyond its control. At its option, the refinery will be permitted to open and maintain an onshore foreign currency account or accounts for servicing its foreign currency obligations and maintaining a credit balance equivalent to one year’s debt in relation to the Upgrade Project. The said onshore foreign currency account may be fed with the refinery’s export proceeds, including all the export proceeds from sales of furnace oil.
- Economic28 Jul, 13:05
Govt finally revamps oil refining policy; what does it mean?
ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries with an estimated investment of about $6bn to improve product quality and increase production. The policy — approved by the Cabinet Committee on Energy (CCoE) led by Prime Minister Shehbaz Sharif — provides stability clauses to protect investment, gives tax incentives and foreign exchange accounts for imports of machinery against export of furnace oil, besides enhancing both offshore and onshore storage for greater energy security. The policy, revised by amending the original 2023 legislation, now supersedes all previous refining policies. Under the Brownfield Refining Policy, the five existing refineries will make improvements in product quality, quantity and product mix through upgradation. As such, the total production of motor spirit (petrol) and high-speed diesel (HSD) will significantly improve, and that of furnace oil will reduce. This means the total petrol production would increase by 72pc to 18,400 tonnes per day (TPD) from the current 10,700 TPD. HSD output would rise by 39 per cent to 29,520 TPD from 21,240 TPD, while furnace oil production would drop by 63pc to 5,714 TPD from 15,417 TPD at present. All existing refineries are to upgrade/modernise/expand (Upgrade Project) their refineries to produce environmentally friendly fuels as per Euro-V emission specifications and to maximise production of motor gasoline, diesel or other value-added products, if any, by minimising furnace oil/other fuels. Euro V standards permit only 10 parts per million (ppm) of sulphur in gasoline and diesel. Euro IV allows 50 ppm while Euro III allows 150 ppm in gasoline and 350 ppm in diesel. The refineries that commit to the Upgrade Project shall be entitled to incentives under the newly approved policy. The selection of equipment, technology or process will be on a project-to-project basis by the concerned refineries. Refineries shall be allowed to sell their products to any oil-marketing companies (OMCs) licensed by the Oil and Gas Regulatory Authority (Ogra). Refineries will be allowed to export surplus petroleum products with respect to domestic demand subject to approval of Ogra. There shall be binding agreements between the refineries and OMCs for sale/purchase of major products (motor gasoline and HSD) based on product review meetings to ensure a smooth oil supply chain. The Petroleum Division will notify the Euro-V fuel specifications for compliance after the upgradation of refineries within one month from now. In case the government decides to improve the fuel specification beyond Euro-V, the timelines for applicability of the revised specification shall be devised and notified as required. Fiscal regime Under the Brownfield Refining Policy, there will be a minimum customs duty/regulatory duty of 10pc on motor gasoline and diesel imported in the country, for a period of seven years from the date of notification of the new policy. Any customs duty imposed over 10pc and reflected in the ex-refinery price will be deposited in the Inland Freight Equalisation Margin (IFEM) pool. In case any refinery is not eligible to avail the incentives provided in the policy, it will be bound to deposit the same in IFEM. Customs duty on crude oil will also be reimbursed to refineries through IFEM. The refineries will be allowed 10pc tariff protection/deemed duty applicable on motor gasoline and diesel’s ex-refinery price for seven years from the date of signing of the Upgrade Agreement and opening of a joint escrow account with Ogra within 90 days of notification of the new policy. An escrow account is a temporary account managed by a neutral third party to hold funds, documents, or other assets until specific contractual conditions are met. However, 2.5pc of the deemed duty on diesel and 10pc on motor gasoline (incremental incentive) will be deposited by refineries in the escrow account maintained by Ogra and the respective refinery jointly in National Bank of Pakistan (NBP) for utilisation of Upgrade Projects only. Until the opening of the said account, the incremental incentive should be deposited in the IFEM. The prevailing 7.5pc deemed duty on HSD for sustainability will continue after the 7-year incentive period for 20 years or till deregulation, whichever is earlier. Any disallowed sales tax related to refinery operations, confirmed by the Federal Board of Revenue (FBR), due to exempt status of petroleum products will continue to be reimbursed through IFEM for FY26 till validity of Upgrade Agreements to be executed under the policy. Equipment to be installed or material to be used in the refinery upgradation project will also be exempted from sales tax. After upgradation, crude oil inventory on site is to be maintained for 14 days of name plate capacity of refinery at all times. Refineries relying on import of crude oil will ensure an additional five days cover at sea at all times. Implementation mechanism For an existing refinery to be eligible for the fiscal incentives provided in the policy, it shall execute a legally binding Upgrade Agreement with Ogra within 90 days of the policy’s notification. The said Upgrade Agreement shall include the output and outcome of the committed upgrade, including maximum production of Euro V-compliant petrol and HSD and other value-added products and significant reduction in furnace oil as firmed up in the front-end engineering design (FEED) of the Upgrade Project. Next, the agreement will also include the proposed milestones/deliverables with tentative timelines, including a feasibility study, FEED, financial close, EPC (engineering, procurement and construction), the potential configuration, the tentative product slate after upgradation, and a project management methodology for on-time delivery, as per approved cost and specification. The milestones or deliverables and timelines will be firmed up in the Upgrade Project’s FEED. Refinery defaulting on any government dues (petroleum and climate support levy) on petroleum products would not be eligible to avail benefits under the policy until a legally binding and enforceable settlement is reached with the government. Till such time, the defaulting refinery will deposit the incremental incentives into the IFEM pool. Once a settlement is reached with the government, the refinery will become eligible to sign the Upgrade Agreement and open a joint escrow account with Ogra and start depositing the incremental incentives on a prospective basis. The funds available in the joint escrow account can only be drawn and used by the respective refinery on the Upgrade Project after payment of all outstanding government dues (petroleum and climate support levy) on petroleum products. If a refinery defaults in payment of government dues on petroleum products in a timely manner after the execution of the Upgrade Agreement, Ogra will suspend the refinery’s right to claim expenditure out of the joint escrow account till the time the refinery deposits the outstanding amount along with a late payment surcharge. Eligible refineries importing used plant, machinery and equipment (PME) for the Upgrade Project will be allowed to withdraw a maximum of 24.5pc of the total project cost from the joint escrow account, whereas refineries importing new PME for the upgradation will be allowed to withdraw a maximum of 27.5pc of the project cost from the account. The release from the joint escrow account will be on a pro-rata basis, ie a maximum capped limit of 24.5pc, or 27.5pc as the case may be, from the escrow account, and the remaining from the refineries’ own resources. Ogra will allow withdrawal of a maximum of the respective capped limit of the refinery’s project cost for the upgradation, determined based on the Final Investment Decision (FID). In case the funds deposited in the joint escrow account are less than the respective capped limit of the expenditure made on a milestone/ deliverable and/or on the entire Upgrade Project basis, the government or Ogra will have no obligation to meet the shortfall, the policy says. The funds from the escrow account will be available for withdrawal, post financial close and upon completion of 25pc physical progress of the Upgrade Project or opening of matching letters of credit (LCs), against expenditure made for each milestone of the respective refinery Upgrade Project. The interest accrued in the joint escrow account will also be used for the respective capped limit of the payment of the Upgrade Project from the same account. Ogra will have a unilateral right to withdraw funds from the relevant joint escrow account in case of milestone failures. The deposit in the joint escrow account will only be utilised for capital expenditure and revenue expenditure associated with the capital expenditure only on the Upgrade Project. The account will not be used as any charge/lien/collateral or other instrument of borrowing. Furthermore, under the policy, there will be a comprehensive monitoring mechanism for upgrade commitments through third-party evaluations and independent auditors. If a refinery at any stage decides to quit the Upgrade Project, the funds in the joint escrow account would be withdrawn by Ogra for use in IFEM, and those already spent would be recovered from the defaulting refinery. The dispute would be settled through an Islamabad-based arbitration tribunal, with one member each nominated by the disputing parties and a third to be nominated by those two members. Meanwhile, a difficulties committee comprising secretaries of petroleum, finance and law would address issues and anomalies during the course of implementation. Policy stability On the demand of the oil industry, the Upgrade Project will be entitled to a fixed stabilisation regime. Specific provisions are provided in the new policy to ensure an economic equilibrium for the Upgrade Project and protect and indemnify the refineries against any disruption or adverse changes in laws, regulations (including environmental standards, licensing regime, etc), fiscal regime, foreign exchange regulations, or tax laws (including imposition of new taxes), which could have an adverse economic impact or adverse impact on the timelines of the Upgrade Project. This will include a comprehensive provision covering the refinery’s rights (eg material/reasons attributable to governmental bodies, including without limitation the stability/change in law undertaking, certain political force majeure, prolonged force majeure) and any mutual exit rights. Force majeure is a clause included in contracts that allows a party to be excused from its obligations due to circumstances that are beyond its control. At its option, the refinery will be permitted to open and maintain an onshore foreign currency account or accounts for servicing its foreign currency obligations and maintaining a credit balance equivalent to one year’s debt in relation to the Upgrade Project. The said onshore foreign currency account may be fed with the refinery’s export proceeds, including all the export proceeds from sales of furnace oil.
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Pakistan2 olay4 sa önce - Aynı ülke gündemicanlı
Rejim Değişikliği Pakistan'da İfade Özgürlüğünü Kurtarmaya Yetmez
Pakistan'da artan otoriterleşme ve ifade özgürlüğüne yönelik baskılar derinleşiyor. Dawn gazetesinde yayımlanan analiz, mevcut rejimin yerini yeni bir yönetimin almasının, köklü sorunları çözmeyeceğini vurguluyor. Halkın sesinden duyulan korku, kitlelerin, basının ve dijital alanların soruşturmalarla susturulmasına yol açıyor. Sessizlik, eleştiriyi hedef alan sistemin gazabından korunmanın tek yolu haline gelmiş durumda. Yazar, rejim değişikliğinin yüzeysel bir çözüm olduğunu, asıl meselenin devletin yapısal otoriter refleksleri ve ifade özgürlüğünü güvence altına alacak hukuki-kurumsal mekanizmaların eksikliği olduğunu belirtiyor. Siyasi liderler değişse bile, eleştiriye tahammülsüzlük ve vatandaşları sindirme politikaları devam ettiği sürece gerçek bir dönüşüm mümkün görünmüyor. Bu bağlamda, Pakistan'da demokratik değerlerin kökleşmesi için sadece iktidar el değiştirmemeli, aynı zamanda ifade özgürlüğünü koruyacak bağımsız yargı ve medya ortamının inşası gerekiyor.
Pakistan1 olay9 sa önce - Aynı ülke gündemicanlı
Pakistan viral hepatit yükünde dünyada beşinci sırada
Pakistan Tabipler Birliği (PMA), Dünya Hepatit Günü vesilesiyle yaptığı açıklamada, ülkenin toplam viral hepatit yükü bakımından dünyada beşinci sırada yer aldığını bildirdi. PMA Genel Sekreteri Dr. Abdul Ghafoor Shoro, Pakistan'ın özellikle Hepatit C virüsünde (HCV) en ağır tabloya sahip olduğunu ve 10 milyon kronik vaka bulunduğunu belirtti. Sıralamada Pakistan'ın önünde yalnızca Çin, Hindistan, Endonezya ve Nijerya yer alıyor. Dünya genelinde önemli bir halk sağlığı sorunu olan hepatit, Pakistan'da da ciddi bir tehdit oluşturmaya devam ediyor. 10 milyon kronik HCV hastasının yanı sıra hepatit B ve diğer türlerle birlikte milyonlarca kişinin virüsle yaşadığı tahmin ediliyor. Sağlık altyapısındaki yetersizlikler, steril olmayan enjeksiyon uygulamaları ve farkındalık eksikliği sorunun yayılmasına katkıda bulunuyor. Bu veriler, Pakistan'ın Dünya Sağlık Örgütü'nün 2030'a kadar hepatiti ortadan kaldırma hedeflerine ulaşması için test, tedavi ve önleme programlarını hızlandırması gerektiğini gösteriyor. PMA, hükümeti ve uluslararası toplumu acil eyleme çağırırken, farkındalık kampanyalarının artırılmasının ve aşılama ile güvenli enjeksiyon gibi temel müdahalelerin yaygınlaştırılmasının hayati önem taşıdığına dikkat çekiyor.
Pakistan1 olay11 sa önce - Aynı ülke gündemicanlı
Pakistan, ABD'den 513 Kaçak Gandhara Eserini Geri Aldı
Pakistan, ABD ile ikili işbirliği kapsamında, çoğunluğu Gandhara dönemine ait 513 kaçak arkeolojik eseri geri aldı. Yetkililer, Senato Daimi Komitesi'ne yaptıkları açıklamada, eserlerin uzun süredir devam eden diplomatik çabalar sonucunda iade edildiğini belirtti. Komite ayrıca, kaçakçılık ağına ilişkin kapsamlı bir rapor hazırlanmasını talep etti. Geri getirilen eserler arasında Budist döneme ait heykel ve rölyeflerin ağırlıkta olduğu bildirildi. Öte yandan, UNESCO'nun Taxila antik kentiyle ilgili koruma endişelerinin giderildiği ve bölgeye yeni bir müze inşa edileceği ifade edildi. Bu gelişme, Pakistan'ın kültürel mirasını koruma ve uluslararası alanda eser kaçakçılığıyla mücadele konusundaki kararlılığını ortaya koyuyor. İade işlemi, Güney Asya ülkesinin son yıllarda yurtdışına kaçırılan tarihi varlıklarını geri alma çabalarının bir parçası olarak görülüyor. Uzmanlar, Gandhara eserlerinin bölgenin çok kültürlü geçmişine ışık tuttuğunu ve Pakistan'ın turizm potansiyeline katkı sağlayacağını değerlendiriyor.
Pakistan1 olay12 sa önce - Aynı ülke gündemicanlı
Rapor: Pakistan'ın sel risklerine karşı ulusal su güvenliği politikasına ihtiyacı var
EMPAK Strategies tarafından İslamabad'da düzenlenen bir seminerde açıklanan rapora göre, Pakistan'ın sel tehditleri ve su krizine karşı ulusal bir su güvenliği politikası benimsemesi gerekiyor. 'Su, İklim ve Diplomasi: Pakistan'ın İndus Havzası'nın Geleceğini Güvence Altına Almak' başlıklı çalışma, İndus Havzası'ndaki su akışlarındaki son artışa dikkat çekerek kısa vadeli acil durum önlemlerinin yetersiz kaldığını vurguluyor. Rapor, Pakistan'ın su yönetimini iklim değişikliği ve diplomatik boyutlarıyla ele alması gerektiğini belirtiyor. Uzmanlar, ülkenin karşı karşıya olduğu su güvenliği risklerinin, gıda güvenliği ve bölgesel istikrar açısından da tehdit oluşturduğuna işaret ediyor.
Pakistan1 olay1 gün önce - Aynı ülke gündemicanlı
Pakistan'da Muson Ölümleri 100'ü Aştı, Üst Kesimler İçin Yeni Uyarı
Ulusal Afet Yönetim Otoritesi'nin (NDMA) verilerine göre, 26 Haziran'dan bu yana devam eden muson yağmurları Pakistan genelinde 100'den fazla kişinin ölümüne yol açtı. Son 24 saatte Pencap eyaletinde yedi, Hayber Pahtunhva'da üç kişinin yaşamını yitirdiği bildirilirken, Pencap'ın Gujrat ve Okara ilçelerinde ikişer ölüm kaydedildi. Yetkililer, 29 Temmuz'dan itibaren ülkenin üst bölgelerinde yeni yağış dalgaları beklendiğini ve sel riskinin artabileceğini duyurdu. Mevsimsel yağışların tarım ve altyapı üzerinde oluşturduğu baskı, özellikle kırsal alanlarda yaşayan nüfusun kırılganlığını artırıyor. Muson kaynaklı afetler, Pakistan'da son yıllarda tekrarlayan bir insani ve ekonomik tehdit haline geldi. NDMA'nın uyarıları ve sahadaki müdahale çalışmaları, can kaybını sınırlamaya yönelik olsa da, altyapı eksiklikleri ve iklim değişikliğinin etkileri felaketin boyutunu ağırlaştırıyor.
Pakistan1 olay2 gün önce