ISLAMABAD: Pakistan Refinery Limited (PRL) has announced a key change in its top management, appointing Zafar Ul Islam Usmani as the interim Managing Director and Chief Executive Officer of the company, effective January 1, 2026.
The appointment was approved by the Board of Directors of Pakistan Refinery Limited and formally communicated to the Pakistan Stock Exchange (PSX) through a disclosure of material information dated December 23, 2025. According to the notification, Usmani will serve in the interim role until further notice.
In its letter addressed to the General Manager of the Pakistan Stock Exchange, PRL stated that the decision follows an earlier announcement made on September 11, 2025, indicating ongoing developments at the board and management level of the company. The refinery requested the exchange to inform all TRE Certificate Holders accordingly, in line with regulatory requirements.
The disclosure was issued under the signature of Company Secretary Sherzad Aminullah, acting for and on behalf of Pakistan Refinery Limited. A copy of the notification was also forwarded to the Securities and Exchange Commission of Pakistan (SECP), underscoring compliance with capital market disclosure obligations.
Pakistan Refinery Limited is one of the country’s key refining entities and is currently navigating a challenging operating environment marked by policy uncertainty, taxation issues, and the broader transition being discussed for refinery upgrades and energy sector reforms. Market participants often closely watch leadership changes at major energy companies, as management decisions can influence strategic direction, operational priorities, and engagement with regulators.
The interim nature of the appointment suggests that PRL’s board may be considering longer-term management arrangements, while ensuring continuity in leadership at the executive level. Investors and industry stakeholders are expected to monitor further announcements from the company regarding permanent leadership and strategic plans going forward.
