Attock Refinery Limited (ARL) has officially executed an Upgrade Agreement with Inter State Gas Systems (ISGS). Governed by the national brownfield refining policy, this milestone project will modernize existing infrastructure, significantly improve operational efficiency, and initiate the domestic production of Euro-V standard fuels.
On September 24, 2026, Attock Refinery Limited (ARL) formally notified the Pakistan Stock Exchange of a major developmental milestone in its corporate trajectory. The rawpindi-based refinery has successfully signed a vital Upgrade Agreement with Inter State Gas Systems (Private) Limited (ISGS). ISGS acted as the designated entity, officially mandated and nominated by the Ministry of Energy’s Petroleum Division to execute this framework. This execution represents a critical contractual step forward for the nation’s downstream oil and gas sector.
What is the ARL and ISGS Upgrade Agreement?
Pursuant to Clause 5.6.1 of the PSX Rule Book and Sections 96 and 131 of the Securities Act, 2015, ARL’s Company Secretary, Saif Ur Rehman Mirza, issued the disclosure of material information to market participants. The executed agreement is the primary contractual mechanism of the Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023. The company’s notification explicitly noted that this overarching policy framework was most recently amended in February 2024 and August 2026 to facilitate the industry’s modernization efforts.
Key Disclosure Details
| Parameter | Official Information |
| Issuing Company | Attock Refinery Limited (ARL) |
| Date of Disclosure | September 24, 2026 |
| Partnering Entity | Inter State Gas Systems (Private) Limited (ISGS) |
| Government Authority | Ministry of Energy (Petroleum Division) |
| Governing Policy | Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023 |
| Core Regulatory Basis | PSX Rule Book Clause 5.6.1; Securities Act, 2015 Sections 96 & 131; S.R.O. 143(I)/2012 |
Core Targets of the Refinery Modernization
The successful execution of the Upgrade Agreement marks a significant milestone in ARL’s ongoing commitment to sustainable industrial development. According to the statutory filing, the primary objectives of the brownfield modernization drive are multifaceted:
- Infrastructure Overhaul: The company will undertake comprehensive efforts to modernize and upgrade its existing refining infrastructure.
- Efficiency Gains: The capital investments governed by the agreement are designed to directly enhance the plant’s baseline operational efficiency.
- Product Refinement: ARL aims to substantially improve the overall quality of its refined petroleum products destined for the domestic market.
How Will This Impact Pakistan’s Energy Future?
The most critical consumer-facing outcome of this modernization agreement is the planned shift toward cleaner energy production. By overhauling its infrastructure under the 2023 policy guidelines, Attock Refinery Limited will be technically equipped to produce Euro-V standard fuels. Introducing Euro-V compliant products is expected to align local fuel quality with international environmental benchmarks. Ultimately, the company stated that this transition will directly contribute toward a more sustainable and fundamentally secure energy future for Pakistan.
