KARACHI, Oct 23: The Oil Companies Advisory Committee (OCAC) has said that the new petroleum policy does not cover the downstream oil industry-refineries, the oil marketing companies and pipeline companies: refining, marketing and distribution.

The Petroleum Policy formulated in 1997 only addressed the downstream oil industry and since then the revised policies (2001, 2004, and 2007) had only addressed the Upstream Oil sector (Exploration and Development), the OCAC said in a statement issued here on Thursday.

The OCAC had sent detailed recommendations to the government for incorporation into the new petroleum policy on proposed updates in order to bring these in line with current ground realities.

The proposals were related to refinery and OMC pricing, incentives to encourage the introduction of better, more environment–friendly fuel, streamlining of the lube business (specifically reclamation plants) to ensure product purity and adherence to specifications, measures to avoid PDC, measures related to energy conservation, rationalisation of fuel mix (port facilities, pipelines, aviation terminals and strategic storages).