October 18, 2023 (MLN): Pakistan Refinery Limited (PRL) has been nominated as a procuring entity for the purchase of Crude Oil from the Russian Federation as per the commitments made at the Pakistan – Russia Inter-Governmental Commission (IGC) held in January 2023.
PRL would carry out the task of purchasing crude oil from the Russian Federation as per commercial terms, as agreed from time to time, without violating the international commitments of Pakistan and the International Framework governing such transactions.
The company on the sidelines of the Russian Energy Forum, has signed a long-term crude supply agreement with its Russian counterparts for the supply of crude oil of mutually agreed specifications.
It is expected that the first cargo will be delivered to PRL later this year.
On the capacity front, the company has joined hands with the Refinery Expansion and Upgrade Project (REUP) to propel PRL to double its refining capacity from the current 50kbpd to 100kbpd.
The primary objectives of the REUP are to meet local demand, convert the refinery from basic hydroskimming to deep conversion, and produce environmentally compliant EURO V HSD (Diesel) and MS (Petrol), thereby eliminating the production of loss-making furnace oil.
