In a groundbreaking move to redefine industry standards, Pakistan Refinery Limited (PRL) revealed its ambitious plan on Friday to double its crude processing capacity from 50,000 to 100,000 barrels per day within the next five years, as reported by Business Recorder.
The announcement was made during the 'PRL Connect 2024' event, which centered around the Refinery Expansion and Upgrade Project (REUP).
The primary goal of the REUP initiative is to eliminate Furnace Oil production and focus on maximizing the production of high-value Euro V standard Petrol and Diesel. PRL aims to set new benchmarks for financial success and sustainability in the industry by aligning its operations with market demands.
The completion period for this transformative project is set at five years. As part of the strategic realignment, PRL highlighted a significant development involving the shift in majority shareholding to Pakistan State Oil (PSO), underlining PSO's commitment to PRL's upgrade and expansion. This move is expected to secure a reliable supply chain for PSO, ensuring vertical integration.
Tariq Kirmani, Chairman of PRL's Board of Directors (BoD), emphasized the broader impact of the REUP initiative, stating, "This project generates employment opportunities, stimulates economic activity, and contributes significantly to the national GDP, reducing import dependency and saving valuable foreign exchange. It is not only beneficial for PRL but also for PSO and the entire country."
Highlighting operational achievements, Kirmani announced, "PRL achieved record-breaking profits, with 100% plant availability and the highest-ever sales of diesel and petrol in September 2023."
As a subsidiary of state-owned PSO, PRL has played a significant role in the petroleum industry since its incorporation as a public limited company in May 1960. The current expansion project is expected to make a substantial impact on Pakistan's energy landscape.
