Islamabad: Cnergyico Pk Limited has announced that it signed an Upgradation Agreement with the Government of Pakistan on September 24, 2026. This agreement, aimed at enhancing the company’s refinery operations, was executed in partnership with Inter State Gas Systems (Private) Limited (ISGS), a state-owned enterprise. The signing followed the Economic Coordination Committee (ECC) of the Cabinet's endorsement under the revised Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023, as amended in August 2026.
According to the policy, ISGS has been appointed as the implementing entity by the Petroleum Division to oversee the execution of the Upgradation Agreement. This agreement facilitates the modernization of Cnergyico Pk Limited's existing refinery, adhering to the stipulations outlined in the policy framework. The initiative underscores the company's commitment to refining upgrades, aligning with the broader objectives set forth by the government to advance the country's refining sector.
The signing ceremony took place in Islamabad, with representatives from the Government of Pakistan and involved refineries in attendance. This development is part of a broader effort to enhance the infrastructure and efficiency of Pakistan's oil refining capabilities.
According to information available from the Pakistan Stock Exchange (PSX), this disclosure meets the requirements outlined in the Pakistan Stock Exchange Limited Rule Book. The announcement, classified as the disclosure of price-sensitive information, directly pertains to the listed securities of Cnergyico Pk Limited. The company expressed gratitude to the government for its support in this modernization endeavor, highlighting the positive implications for the sector's future.
Stakeholders and TRE Certificate Holders of the Exchange are advised to note this development, marking a significant step forward in the company's strategic objectives. This initiative is indicative of the collaborative efforts between private enterprises and the government in bolstering Pakistan's industrial capabilities, particularly within the oil refining domain.