Karachi: Pakistan Refinery Limited (PRL) executed an upgrade agreement with Oil and Gas Regulatory Authority (OGRA). In accordance with mandatory provisions outlined in Pakistan Oil Refining Policy for upgradation of existing/brownfield refineries, 2023 PRL shared development in notice to Pakistan Stock Exchange.

“Swiftly responding to regulatory mandates, PRL has successfully executed upgrade agreement with OGRA within stipulated three-month window under policy delineating key commitments, project milestones and intricate project details,” read notice to bourse.

Zahid Mir Managing Director and CEO of PRL underscoring strategic importance of this commitment, said, “PRL stands at forefront of industry’s evolution, aligning seamlessly with directives of Policy.”

“Our prompt execution of this agreement signals our unwavering dedication to catalysing modernisation and efficiency of Pakistan’s refining sector,” he said.

Masroor Khan Chairman of OGRA emphasised transformative impact of regulatory compliance. “Mandatory stipulations in Pakistan Oil Refining Policy are strategically designed to act as catalyst for metamorphosis of brownfield refineries,” he said. PRL said that it remains dedicated to Refinery Expansion and Upgrade Project initiative, which not only aims to upgrade existing facilities but also to double capacity, produce Euro V standard fuels and elevate operational efficiency.

Published in The Daily National Courier, November, 17 2023

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