Pakistan’s oil refining industry has achieved a major milestone by crossing the $1 billion mark in petroleum exports for the first time during the last fiscal year.
The country’s refineries exported approximately $1.05 billion worth of petroleum products, accounting for nearly 3.5% of Pakistan’s total merchandise exports.
PARCO led refinery exports with around $277 million, followed by Cnergyico, National Refinery, Pakistan Refinery and Attock Refinery.
Industry experts believe Pakistan could further increase petroleum export earnings by upgrading refineries, producing higher-value fuels and expanding marine-fuel bunkering services.
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Higher petroleum exports could provide several economic benefits, including helping reduce the country’s trade deficit, improving foreign exchange reserves and supporting the stability of the Pakistani rupee. Increased refining and export activity could also generate additional employment opportunities.
The milestone highlights the growing potential of Pakistan’s refining sector and its possible role in strengthening the country’s export base and energy economy.
