Tag: NRL

NRL Optimistic as Refinery Policy Nears Approval, Plans Major Upgrade

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NRL

KARACHI: National Refinery Limited (NRL) expects the long-awaited refinery policy to receive government approval soon, with the company saying that most outstanding issues have been resolved, paving the way for its planned brownfield refinery upgrade. Speaking at the *Pakistan Investor Connect Conference, NRL Chief Executive Officer *Asad Hasan said the proposed upgrade, estimated to cost between *$400 million and $1.2 billion, is expected to take *five to six years to complete after the policy is approved and implemented. A feasibility study for the project is currently being conducted by UK-based…

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Taxation dispute delays refinery upgrade deals under new policy

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oil-refinery

KARACHI: The refining sector is struggling to finalize agreements with the government for upgrading their facilities to produce cleaner fuels under a new policy, as a dispute over taxation remains unresolved, sources told The News on Monday. As the deadline for the signing of agreements will expire on January 16, 2024, both sides have to resolve the issue of taxation escrow account. Under the policy, the release from the joint escrow account will be made on a pro rata basis, i.e. a maximum of 25 percent from the escrow account…

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