ISLAMABAD – The government has notified an immediate ban on import offurnace oil except for K-Electric.
According to a press release issued by the Ministry of Petroleum onTuesday, the government has ordered all the refineries to utilize billionsof rupees in annual deemed duty, they collect on petroleum products toupgrade their refining facilities.
Oil refineries have also been ordered to immediately reduce the Furnace Oilproduction to a minimum level and enter into commercial agreements withpower producers for utilization of their capacity for its storage.
In future, all refineries will ensure that production of furnace oil isminimal byproduct of Crude Oil processing.
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The oil refineries have also been directed to undertake production ofadditional storage facilities as well as utilization of the proceeds ofdeemed duty for up gradation and modernization of their facilities
