Pakistan Refinery Limited (PRL) has secured a loan facility worth Rs3.15 billion from its parent Pakistan State Oil (PSO) to fund the Front-End Engineering Design (FEED) phase of its Refinery Expansion and Upgrade Project (REUP).
The PSO’s subsidiary disclosed this information through a notice to the Pakistan Stock Exchange (PSX) on Wednesday in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX regulations.
“We are pleased to announce that the Board of Directors of Pakistan Refinery Limited has approved the acquisition of a loan facility amounting to PKR 3.15 billion, from Pakistan State Oil Company Limited to finance the Company’s Front-End Engineering Design (FEED) of the Refinery Expansion & Upgrade Project,” read the notice.
The loan agreement, approved by PRL’s Board of Directors, includes an option for conversion into equity, subject to necessary corporate and regulatory approvals.
The project aims to enhance PRL’s operational capacity and align it with modern industry standards. This strategic financing underscores PSO’s commitment to supporting the upgrade of Pakistan’s refining sector.
Pakistan Refinery Limited is engaged in the production and sale of petroleum products. The company was incorporated as a public limited company in May 1960.
