PRL successfully executes upgrade agreement in line with Pakistan Oil Refining Policy

MG News | November 16, 2023 at 12:09 PM GMT+05:00

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November 16, 2023 (MLN): Pakistan Refinery Limited (PSX: PRL) has successfully executed the Upgrade Agreement in accordance with the mandatory provisions outlined in the Pakistan Oil Refining Policy for the Upgradation of Existing/Brownfield Refineries, 2023, PRL's filing on the local bourse revealed this development today.

PRL executed the Upgrade Agreement with the Oil & Gas Regulatory Authority (OGRA) within the stipulated three-month window, delineating key commitments, project milestones, and intricate project details as per the policy.

Zahid Mir, the Managing Director and CEO of PRL, underscored the strategic importance of this commitment, stating, ''PRL stands at the forefront of the industry's evolution, aligning seamlessly with the directives of the Policy.”

“Our prompt execution of this agreement signals our unwavering dedication to catalyzing the modernization and efficiency of Pakistan's refining sector," he added.

Masroor Khan, Chairman of OGRA, emphasized the transformative impact of regulatory compliance, stating, "The mandatory stipulations in the Pakistan Oil Refining Policy are strategically designed to act as a catalyst for the metamorphosis of brownfield refineries.”

“OGRA is pleased to oversee and support PRL in meeting and exceeding these obligations, thereby contributing significantly to the sustainable development of Pakistan's oil and gas sector," he further stated.

The signing ceremony, graced by the leadership of both PRL and OGRA, marks the commencement of a transformative journey toward a planned refinery upgrade.

As PRL embarks on this pioneering path, the company reaffirms its dedication to the Refinery Expansion & Upgrade Project (REUP).

This visionary initiative not only aims to upgrade existing facilities but also to double capacity, produce Euro V standard fuels, and elevate operational efficiency.

PRL's commitment to shaping a sustainable future for the nation remains unwavering.

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