Pakistan Refinery Limited unveils vision for a sustainable energy future at PRL connect 2024
F.P. Report
Karachi: Pakistan Refinery Limited (PRL) hosted its flagship event, PRL Connect 2024, on Friday, January 26, 2024, at Mövenpick Hotel, Karachi, under the theme “Powering Progress, Doubling Capacity.” The event provided a platform for industry leaders, stakeholders, and partners to converge and explore PRL’s transformative journey towards a sustainable energy future.
Key Highlights:
Exceptional Operational Performance: PRL’s Chairman of the Board of Directors highlighted the company’s stellar operational performance in the current and last quarter, achieving record-breaking profits, 100% plant availability, and Company’s highest ever sales of Diesel & Petrol in September 2023.
Strategic Shift with Brownfield Refinery Policy: PRL showcased its strategic decision to embrace the Brownfield Refinery Policy, approved by the Federal Cabinet in August 2023. The policy, lauded for encouraging existing refineries to upgrade and expand, positions PRL for a transformative change in the refining industry.
Pioneering Refinery Expansion & Upgrade Project (REUP): PRL is spearheading a transformative Refinery Expansion & Upgrade Project (REUP) aimed at doubling the crude processing capacity from 50,000 to 100,000 barrels per day. This strategic initiative not only ensures a significant boost in capacity but also focuses on enhancing profitability. The project is designed to zero Furnace Oil production, redirecting efforts towards maximizing the production of highly profitable products like Petrol and Diesel of Euro V standards. By aligning with market demands and prioritizing lucrative fuel products, PRL’s REUP initiative aims to set new industry benchmarks for financial success and sustainability.
Shareholder’s Support : A major development highlighted during the event was the shift in majority shareholding to Pakistan State Oil (PSO), signalling PSO’s strong commitment to upgrade and expand PRL. This move also ensures vertical integration for PSO as it secures a reliable supply chain.
National Impact: The Chairman emphasized that REUP is not only beneficial for PRL but also for PSO and the entire country. The project generates employment opportunities, stimulates economic activity, and contributes significantly to the national GDP, reducing import dependency and saving valuable foreign exchange.
Invitation to Partnerships: The Chairman extended gratitude to the attendees and invited banking and financial institutions to join hands with PRL in realizing the ambitious REUP project. The call for partnerships aims to forge ahead, doubling capacities, embracing sustainability, and contributing to the progress of Pakistan. Quotes: • Tariq Kirmani, Chairman, PRL Board: “PRL Connect 2024 marks a pivotal moment as we unveil our vision for a sustainable energy future. Our achievements and strategic decisions pave the way for transformative change, and we invite partners to join us in this ambitious journey.” • Zahid Mir, Managing Director/CEO: “Our journey towards doubling capacity is not just about numbers; it is about laying the foundation for a self-sufficient and sustainable energy future for Pakistan. We invite banking partners to become integral parts of our journey.”