PRL has reached significant milestones in its Refinery Expansion and Upgrade Project (REUP), positioning itself as a trailblazer in the refining sector. The signing of agreements with technology licensors UOP and Axens underscores PRL's commitment to cutting edge refining practices.
PRL's proactive stance is further exemplified by the Upgrade Agreement inked with OGRA, placing it ahead of other refineries in Pakistan. Additionally, a strategic Memorandum of Understanding (MoU) with Chinese company UEG reflects global confidence in PRL's vision. Engaging with potential strategic investors showcases PRL's strategic foresight and commitment to robust financial planning.
In parallel, PRL has executed various in country studies, including logistics, geotechnical investigation, geological studies, electrical resistivity surveys, and topographical surveys. The development of a local vendor list enhances local partnerships. Value engineering and kick-off meetings demonstrate meticulous planning while determining manning requirements and developing a hiring plan to ensure a skilled workforce during the FEED, EPC, and Post Upgrade phases.
The upcoming award of contracts for Environmental and Social Impact Assessment (ESIA) and Quantitative Risk Assessment (QRA) in January 2024 aligns with PRL's commitment to responsible project execution. Notably, PRL has achieved a commendable cumulative progress of 30.8%, surpassing the planned target of 30.7% as of November 10, 2023. Preliminary work for the Engineering, Procurement, and Construction Invitation to Bid (EPC ITB) has commenced, and the hiring plan has been reinitiated, solidifying PRL's position as a proactive leader in refining advancements.
As PRL continues to set benchmarks with achievements, strategic collaborations, and meticulous planning, its REUP project stands as a beacon of innovation and excellence in the refining industry. The company's proactive approach, coupled with a commitment to sustainability, positions PRL as a leader not only in Pakistan but on the global stage, shaping the future of the refining landscape.
Copyright Business Recorder, 2024