A memorandum of understanding (MoU) has been signed by Pakistan Refinery Limited (PRL) and the United Energy Group of China (UEG). This agreement is set to escalate PRL’s refining capacity from 50,000 barrels per day (bpd) to 100,000 bpd. The MoU was inked at the Third Belt and Road Forum in Beijing.
“Under the MoU, both parties have expressed their mutual desire to establish a strategic cooperation relationship,” states Zahid Mir, Managing Director & CEO of PRL. “This relationship is anchored in a shared interest in Pakistan’s energy sector,” Mir adds.
“In the spirit of good faith, both parties will engage in earnest negotiations to explore potential opportunities for cooperation and collaborations. These opportunities include equity investment in PRL as a strategic investor, with adequate board representation, to upgrade and grow the refinery,” Mir elaborates further.
Once the new capacity comes online, PRL will ascend to become the third largest refinery in Pakistan, only surpassed by Cynergico and Parco. At present, PRL holds the position of the smallest refinery in Pakistan, lagging behind National Refinery and Attock with a capacity of 50,000 bpd.
Why does PRL want to increase capacity?
PRL’s refinery upgrade plan — formally known as the refinery expansion and upgrade project — dates back to 2021. The project aims to transform the hydroskimming refinery into a deep conversion facility. The transformation will dramatically curtail the production of high sulphur...
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