Pakistan Refinery Limited (PRL) has approved a Rs3.15 billion loan from its parent company Pakistan State Oil Limited (PSO), says a PRL notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“We are pleased to announce that the Board of Directors of Pakistan Refinery Limited (PRL) has approved the acquisition of a loan facility amounting to Rs3.15 billion, from Pakistan State Oil Company Limited (PSO) to finance the company’s Front-End Engineering Design (FEED) of the Refinery Expansion & Upgrade Project (REUP),” read the statement.
PRL shared that the loan has an option of conversion into equity, which will be subject to all requisite corporate and regulatory approvals that may be required then.
Pakistan Refinery Limited (PRL) is a hydro-skimming refinery based in Karachi, Pakistan. Established in 1960, PRL processes imported and local crude oil into products like furnace oil, diesel, kerosene, jet fuel, and gasoline, with a capacity of 50,000 barrels per day.
The refinery operates at two locations: the main facility at Korangi Creek and crude oil berthing and storage at Keamari, ensuring efficient operations and logistics. PRL remains a key player in Pakistan’s energy sector, committed to meeting the country’s fuel needs. — ERMD
