Tag: PRL

Chinese Firm to Invest $1 Billion in PRL Upgrade, Doubling Refinery Output

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PRL-Project

A Chinese investment corporation has committed $1 billion to Pakistan Refinery Limited (PRL) for a major upgrade aimed at doubling its production capacity. The agreement, however, comes with a condition: the Chinese firm seeks full independence from government control, ensuring that PRL repays the investment in dollars without any government intervention. Currently, Pakistan’s State Bank allows the private sector, including refineries, to retain dollars for investment. However, the Chinese company has urged for the removal of such controls to facilitate the smooth repayment of the loan. The firm emphasized that…

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Pakistan’s Refining Sector Prepares for Major Furnace Oil Exports Amid Dwindling Local Demand

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Refinery-Limited

KARACHI: Pakistan’s refining industry is gearing up for significant furnace oil exports in the coming weeks, with shipments expected to exceed 100,000 tonnes. The shift towards exports comes as domestic demand for furnace oil has nearly vanished since the start of the current fiscal year. Pakistan Arab Refinery Limited (PARCO) has already issued a tender to export 50,000 tonnes of furnace oil, while Pakistan Refinery Limited (PRL) is seeking approval from the Oil & Gas Regulatory Authority (OGRA) to proceed with its own export plans. PRL aims to export 50,000…

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Government Grants Six-Month Extension for Refineries to Sign Upgrade Agreements

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PRL-eyes

ISLAMABAD: The Cabinet Committee on Energy (CCoE), chaired by Prime Minister Shehbaz Sharif, has extended the deadline for local refineries to sign implementation agreements (IAs) with the Oil & Gas Regulatory Authority (OGRA) for their $5-6 billion upgrade projects by an additional six months. This extension, granted under the amended brownfield refineries’ policy of 2023, aims to accommodate the country’s two largest refineries – Pak-Arab Refinery Company (PARCO) and Cnergyico – which contribute over 50% of the nation’s refining output. The new deadline allows these refineries more time to finalize…

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PRL and Saudi ED Investment Group to Establish Joint Venture

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PRL-Project

ISLAMABAD: Pakistan Refinery Limited (PRL) and Saudi Arabia’s ED Investment Group are in advanced discussions to establish a joint project, according to sources informed by Business Recorder. This development follows the Prime Minister’s visit to Saudi Arabia in April 2024. At a recent meeting chaired by Federal Minister for Petroleum Dr. Musadik Masood Malik, updates on the progress of the visit were reviewed. Attendees included representatives from various divisions such as Petroleum, Power, Resources, Railways, SIFC, PPIB, PSO, PRL, WAPDA, and the Pakistan Embassy. Zahid Mir of PRL reported ongoing…

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PRL Engages Chinese Firms for $1.5 Billion Refinery Upgrade Project

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PRL-Project

KARACHI: Pakistan Refinery Limited (PRL) is advancing its $1.5 billion Refinery Expansion & Upgrade Project (REUP) by engaging Chinese engineering, procurement, and construction (EPC) contractors and financial institutions. The initiative aims to double the refinery’s production capacity and enhance its refining capabilities. Senior management from PRL recently visited China to meet with EPC contractors and financial institutions, laying the groundwork for the project’s next phases. “These discussions were highly productive, laying the groundwork for the forthcoming phases of PRL’s Refinery Expansion & Upgrade Project (REUP),” PRL announced on Tuesday. Earlier…

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