PRL signs agreement with Wood Group UK for refinery expansion

MG News | May 20, 2022 at 11:18 AM GMT+05:00

0:00

May 20, 2022 (MLN): Pakistan Refinery Limited (PRL) has signed an agreement with Wood Group UK Limited on Thursday, May 20, 2022, appointing them as the Front End Engineering Design (FEED) contractor for the Refinery Expansion and Upgrade Project (REUP), the company filing on PSX showed today.

The project will increase the crude processing capacity from 50,000 barrels per day to 100,000 barrels per day, significantly reduce High Sulphur Furnace Oil (HFSO) to less than 5% and maximize significantly reduce High Sulphur Furnace Oil (HSFO), and maximize premium products such as High-Speed Diesel (HSD) and Motor Spirit (MS/Petrol) meeting EURO V specification.

To recall, on April 21, 2022, the board of directors had decided to appoint an International Company as the FEED contractor for the REUP after a competitive bidding process.

The board had also decided to appoint a consortium of local banks as financial advisors to render Advisory and Equity & Local Debt Arrangement services for PRL's REUP.

The scrip of the company is currently trading at Rs15.61, up by 56 paisa, 3.72% DoD [PST 11:14 PST].

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