Pakistan Refinery Limited (PRL), one of the country’s largest oil refineries, has successfully executed an upgrade agreement with the Oil & Gas Regulatory Authority (OGRA).
This was done in accordance with the mandatory provisions outlined in the Pakistan Oil Refining Policy for the Upgradation of Existing/Brownfield Refineries, 2023.
PRL shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
“Swiftly responding to regulatory mandates, PRL has successfully executed the upgrade agreement with OGRA within the stipulated three-month window under the policy delineating key commitments, project milestones and intricate project details,” read the notice to the bourse.
Zahid Mir, the Managing Director and CEO of PRL, underscored the strategic importance of this commitment, stating, “PRL stands at the forefront of the industry’s evolution, aligning seamlessly with the directives of the Policy.”
“Our prompt execution of this agreement signals our unwavering dedication to catalyzing the modernization and efficiency of Pakistan’s refining sector,” he said.
Meanwhile, Masroor Khan, Chairman of OGRA, emphasized the transformative impact of regulatory compliance.
“The mandatory stipulations in the Pakistan Oil Refining Policy are strategically designed to act as a catalyst for the metamorphosis of brownfield refineries,” said Khan. “OGRA is pleased to oversee and support PRL in meeting and exceeding these obligations, thereby contributing significantly to the sustainable development of Pakistan’s oil and gas sector.”
PRL said that it remains dedicated to the Refinery Expansion & Upgrade Project (REUP) initiative, which not only aims to upgrade existing facilities but also to double capacity, produce Euro V standard fuels, and elevate operational efficiency.