KARACHI: Chinese language corporations have expressed eager curiosity in increasing and upgrading Pakistan Refinery Ltd (PRL), which presents a major alternative.
PRL expressed its pleasure in regards to the improvement in a discover to the Pakistan Inventory Alternate on Wednesday. “In a major step in the direction of enhancing Pakistan’s refining capabilities, PRL senior administration just lately visited China to have interaction with engineering, procurement, and development (EPC) contractors and monetary establishments,” stated the notification.
These discussions have been extremely productive, laying the groundwork for the forthcoming phases of PRL’s refinery growth and improve undertaking (REUP). “There was eager curiosity from Chinese language corporations to collaborate with PRL on this mega alternative,” stated the discover.
The REUP is a major initiative aimed toward doubling the refinery’s crude processing capability from 50,000 barrels per day (bpd) to 100,000 bpd. The adoption of a state-of-the-art Deep Conversion Refinery configuration will complement this growth.
“The upgraded refinery will utilise superior expertise to satisfy stringent environmental requirements, together with the manufacturing of Euro V customary fuels, thereby considerably enhancing PRL’s operational effectivity and environmental footprint,” stated the corporate.
“PRL is forward of all refineries in Pakistan proper now by way of REUP,” acknowledged Managing Director and CEO Zahid Mir.
“The conferences with EPC contractors in China yielded very constructive outcomes. We’ve got developed a complete plan to award the EPC contract by the top of this yr and work in the direction of reaching the undertaking’s monetary shut by mid-next yr. The suggestions from these discussions has been overwhelmingly supportive,” he stated.
“Along with these strategic conferences, PRL has proactively engaged with the Oil and Fuel Regulatory Authority (Ogra) to signal a supplementary settlement. The PRL has requested amendments to the present agreements to align with the up to date brown-field coverage,” stated Mr Mir.
He stated this step is essential for securing the regulatory help for the REUP’s profitable implementation and long-term sustainability.
The undertaking represents a considerable funding in Pakistan’s vitality infrastructure.
“By doubling capability, producing value-added merchandise, and adhering to worldwide environmental requirements, together with the manufacturing of Euro V compliant MS and HSD, PRL goals to strengthen its place within the world vitality market and contribute considerably to the nation’s financial progress,” he stated.
Printed in Daybreak, Could twenty third, 2024