Pakistan Refinery achieves record-breaking performance in H1 2023: Highest profit and production milestones.

Pakistan Refinery Limited (PRL) proudly announces its outstanding financial results for the December 31, 2023 half-year. PRL is pleased to present a remarkable performance, showcasing the highest-ever profit and production milestones in the company’s history’s first half of the fiscal year.

During the first half of the financial year 2023, PRL achieved an exceptional profit after tax of Rs. 6.51 billion, a substantial increase from Rs. 0.76 billion in the corresponding period of the previous year (July to December 2022). This extraordinary financial achievement underscores the company’s robust operational efficiency and strategic initiatives.

The Refinery attained a significant production milestone by recording its highest-ever half-yearly production for High-Speed Diesel (HSD) and MS 92, reaching 376,653 Metric Tons and 152,974 Metric Tons, respectively. This remarkable production performance demonstrates PRL’s commitment to meeting market demands and setting industry benchmarks.

In August 2023, the Government of Pakistan introduced the Refining Policy for Existing/Brownfield Refineries 2023, providing refineries with incremental incentives for upgrading facilities and producing eco-friendly fuels, meeting Euro-V specifications. PRL, aligning with this policy, has entered into agreements with the Oil and Gas Regulatory Authority (OGRA) for Refinery Upgrade and Escrow Account, positioning itself for future incentives.

PRL’s Refinery Expansion and Upgrade Project (REUP) remain a top priority, with significant progress in technical licensing, engineering agreements, and Front-End Engineering Design (FEED) work. The company is committed to expanding its crude processing capacity from 50,000 to 100,000 daily barrels.

Furthermore, PRL has engaged in due diligence with United Energy Group (UEG) in China for potential strategic investment following the signing of a Memorandum of Understanding (MoU) in October 2023 in the presence of the Pakistani Prime Minister.

The Board expresses gratitude to all stakeholders, especially the Government of Pakistan, for their continued support, acknowledging their pivotal role in the ongoing success and expansion of the Refinery. PRL remains dedicated to upholding the highest standards of Health, Safety, Environment, and Quality, ensuring efficient and safe operations for the benefit of all stakeholders.

 

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