You are here

Tag: PRL

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

Admin
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…

Read More

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

Admin
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…

Read More

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

Admin
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…

Read More

PRL and Saudi ED Investment Group to Establish Joint Venture

Admin
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…

Read More

PRL Engages Chinese Firms for $1.5 Billion Refinery Upgrade Project

Admin
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…

Read More

PRL to Boost Refining Capacity with Supplemental OGRA Agreement

Admin
PRL-Ogra

In Karachi, Pakistan Refinery Limited (PRL) has announced its intention to sign a supplemental agreement with the Oil and Gas Regulatory Authority (OGRA) soon. This agreement marks a significant step towards transformative upgrades and expansions within the company, aimed at doubling its refining capacity from 50,000 barrels per day (bpd) to 100,000 bpd. The agreement will also enable PRL to…

Read More

Pakistan Refinery Posts Highest Ever Half-Year Profit

Admin
PRL-Project

Pakistan Refinery Limited (PRL) has announced its financial results for the half-year ended December 31, 2023, showcasing the highest-ever profit and production milestones in the first half of the fiscal year in the company’s history. During the first half of the financial year 2023, PRL achieved an exceptional profit after tax of Rs. 6.51 billion, a substantial increase from Rs.…

Read More

Pakistan Refinery to remain shut for over a month

Admin
PRL-eyes

KARACHI: Pakistan Refinery Limited (PRL) will remain shut from Tuesday (today) for 35 to 38 days due to maintenance and inspection turnaround, the company said on Monday in a stock filing. Last week, PRL announced doubling its crude oil refining capacity from 50,000 barrels per day (bpd) to 100,000 bpd aimed at eliminating the production of high sulphur fuel oil…

Read More

Taxation dispute delays refinery upgrade deals under new policy

Admin
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…

Read More

Refiners cry foul as govt seeks fresh legal advice on upgrade policy

Admin
Parco-board

ISLAMABAD: Pakistan’s oil refining sector is unhappy with the government’s move to hire a new local law firm to review the implementation of a policy and Joint Escrow Account Agreement aimed at upgrading the country’s ageing refineries, saying it will cause further delays and uncertainty. The Petroleum Division, in a letter dated Dec. 25, 2023, told the local refineries that…

Read More