PSO refutes allegations of decision to divest from PRL

MG News | December 08, 2023 at 09:04 PM GMT+05:00

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December 08, 2023 (MLN): Pakistan State Oil (PSO) has denied media reports claiming that the company has reached a decision to divest its stake in Pakistan Refinery Limited (PSX: PRL), terming them as inaccurate and misleading.

These media reports asserted that the oil giant made this decision to overcome its liquidity crises stemming from the accumulation of receivables.

Furthermore, these reports stated that the company opted to sell its stake to a Chinese energy giant.

However, through this statement, PSO has clarified that this news is false and baseless.

It is important to mention that PRL is a subsidiary of PSO.

Going forward, PSO remains committed to its strategic investments and partnerships in the energy sector.

"Any decision regarding shareholding in subsidiaries or affiliates would be made through a transparent process as per state law," the statement issued by the company added.

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