The Special Investment Facilitation Council (SIFC) has ordered the petroleum refineries to make the most of energy resources and they will be given thorough support in the sector challenges as well.
SIFC has given the Petroleum Division directions for the refinery upgrade projects, with a vital step in the establishment of the hydrocracker unit at PARCO. This segment is designed to transform furnace oil into high-value petroleum products, such as petrol and diesel.
According to the project, the authorities foresee the hydrocracker unit as a billion-dollar investment that will be sufficient money. This was confirmed by the statement issued by the refineries that they have made a move to the government requesting them to be super generous on sales tax for petrol and diesel products, which are vital to the overall energy sector.
The recent amendments to the sales tax ordinance are SIFC's demonstration of their dedication to investment in the sector. The Sales Tax Act 1990, which now covers all goods and services, is in the process of being amended to allow for these changes.
Developers of energy now predict that the sector's innovative solutions will be, under the umbrella of SIFC's new strategies, a more important contributor to Pakistan's financial stability.
