PRL to enjoy $5bn investment after new policy

MG News | July 11, 2023 at 01:28 PM GMT+05:00

0:00

July 11, 2023 (MLN): Pakistan Refinery Limited (PSX: PRL) expects a $5 billion investment after a new policy that aims to encourage the development of five deep conversion refineries collectively capable of refining around 350,000 barrels/day of crude oil, Tariq Kirmani, Chairman at Pakistan Refinery says in a statement.

The policy will lead to an estimated investment of about $4bn-$5bn, Bloomberg reported.

The payback from a brownfield policy far exceeds the benefits anticipated from a recently approved greenfield policy.

The greenfield policy targets to woo investments in a new refining complex that is slated to cost about $10bn-$12bn for a refinery of about 250,000 bpd.

PRL is upgrading its refinery and doubling capacity but the efforts require support from the government.

The scrip of the company was trading at Rs16.3 prior to this news, which has now jumped by around 6.5% DoD to Rs17.34 per share.

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