the impact of this decision will be transferred to ESCROW accounts, which will be used for refinery upgrade projects. This will be a temporary arrangement and will continue until the next budget. During a meeting of the SFIC, OGRA was instructed to assess the impact of the increase in IFEM and prepare a summary for the Petroleum Division, which will be presented to the ECC for approval.
However, PARCO, which holds 48% of the market share, opposes the increase in IFEM, considering it a temporary measure.
During the meeting, the Petroleum Division was instructed to present a feasible plan within a week to initiate the $5 to $6 billion upgrade projects for local refineries.
