<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We initiate coverage on Pakistan’s Refinery sector which
plays a vital role in the country’s energy infrastructure, supporting industrial
development and economic activity through enabling the sup ply of vital
petroleum products. With the ~USD 6Bn in upgrade projects on cards under the
Brownfield Refinery Policy, the sector is at the cusp of significant margin
expansion, going forward.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Moreover, the resolution of sector issues (paving the way
for smoother upgrades) remains a key priority for the Special Investment
Facilitation Council (SIFC). However, despite its strategic importance and
future prospects, the sector has underperformed the KSE-1...
