When it comes to energy efficiency, oil refineries are getting some aid from the Special Investment Facilitation Council (SIFC).
Projects to enhance the refinery are the primary emphasis of the petroleum division, as instructed by SIFC. A Hydrocracker Unit to refine furnace oil into gasoline and diesel is being considered for installation at PARCO.
A more reliable supply of energy is one of the goals of the $1 billion Hydrocracker Unit.
Diesel and gasoline have been asked to be free from sales taxes by refineries as well. The sales tax statute of 1990, which presently applies sales tax to all goods and services, is currently undergoing changes, which includes this request.
With SIFC’s backing, these projects should help the energy sector expand and stabilize the economy.
