I am delighted to connect with you through this special edition, sharing the monumental strides and transformative journey of Pakistan Refinery Limited (PRL). As the Chairman of PRL's Board, I extend my heartfelt gratitude for your continued support and unwavering commitment.
In reflecting on our recent achievements, I am proud to announce the exceptional performance of PRL in the current and last quarters. Our dedication to excellence has propelled us to achieve the highest-ever first-quarter profits, coupled with a stellar 100% plant availability, record-breaking diesel production, and unprecedented sales in September 2023. These milestones underscore our commitment to operational efficiency and set new benchmarks in the industry.
One strategic decision that has been pivotal to our success is our embrace of the Brownfield Refinery Policy. Approved by the Federal Cabinet on August 8, 2023, this policy aligns seamlessly with PRL's vision. It encourages existing refineries to upgrade and expand, minimizing the production of High Sulphur Residue Furnace Oil and fostering the creation of environmentally friendly fuels with Euro-V specifications. This policy, combined with the recent shift in shareholding, the majority held by Pakistan State Oil (PSO), signifies a powerful commitment to upgrade and expand PRL, ensuring a secure and reliable supply chain.
Our journey takes a transformative leap with the Refinery Expansion and Upgrade Project (REUP). This project represents more than numerical growth;
It signifies our commitment to environmental responsibility, cleaner fuels, and sustainable practices. REUP aims to double our crude processing capacity from 50,000 to 100,000 barrels per day, fostering economic development, generating employment opportunities, and contributing significantly to our national GDP.
The decision to implement a Brownfield strategy for REUP underscores our efficiency and effectiveness in delivering sustainable solutions. Leveraging our existing location, infrastructure, and operational refinery provides us with a cost effective and timely advantage. This approach positions PRL as a leader in the refining industry, demonstrating our commitment to operational excellence and responsible business practices.
REUP is not merely an internal project for PRL; it carries far-reaching implications for our nation. By contributing significantly to our national GDP, reducing import dependency, and promoting import substitution, REUP represents an investment in our country's economic well-being. The project also aligns with the government's environmental goals, making strides toward a sustainable and self-sufficient energy sector.
To our stakeholders, I extend my deepest appreciation for your unwavering support. Your role in our past achievements has been instrumental, and I invite you to continue this partnership in realizing the ambitious goals of REUP.
As we embark on this transformative endeavour, I invite our esteemed banking partners to join us as key collaborators in realizing the ambitious goals of REUP. Your support has been integral to our past achievements and will continue to be a driving force behind our future endeavours.
Together, let us forge ahead, doubling our capacities, embracing sustainability, and contributing to the progress of our beloved nation. The journey ahead is promising, and with your support, PRL is poised to redefine the future of Pakistan's energy landscape.
PRL's Refinery Expansion and Upgrade Project (REUP) is a testament to our commitment to leadership, innovation, and sustainable progress. We invite you to be a part of this historic journey as we shape the future of Pakistan's energy landscape.
Copyright Business Recorder, 2024