Pakistan's petroleum refining sector has repatriated more than $500 million in dividends to foreign shareholders over the past decade, with the majority of the outflows linked to a single corporate group, according to State Bank of Pakistan (SBP) data.

The figures show that total dividend repatriation from the refining sector reached $500.4 million between FY2017 and FY2026. Annual outflows fluctuated in line with refining margins, foreign exchange availability and Pakistan's external account conditions, peaking at $124.3 million in FY2024 after improved dollar liquidity allowed companies to clear previously delayed remittances.

According to market analysts, the bulk of these dividend payments originated from Attock Refinery Limited (ATRL) and National Refinery Limited (NRL) through their foreign parent company, the UK-based Attock Oil Company (AOC). As the controlling shareholder in both refiners, AOC received a significant share of declared dividends, making the Attock Group the largest source of foreign dividend repatriation within Pakistan's refining sector.

The trend also reflects Pakistan's broader external account, where the United Kingdom remained the largest recipient of profit and dividend repatriation during FY2026, receiving $621.2 million, followed by China with $486.5 million. Overall, total profit and dividend repatriation on foreign investment increased to $2.305 billion during FY2026 from $2.219 billion a year earlier, supported by improved foreign exchange reserves and better dollar liquidity.

Analysts believe future dividend repatriation from the refining sector will largely depend on the Attock Group's dividend policy, Pakistan's external account stability and the pace of refinery upgrades under the government's revised refining policy. Improved refining margins and fresh investment incentives are expected to play a key role in determining future shareholder payouts.