Pakistan Refinery Limited (PRL) conducted its 64th Annual General Meeting (AGM) at its head office on October 19, 2024, unveiling significant progress in strategic expansion and reinforcing its commitment to safety and operational excellence. The meeting spotlighted the company’s Refinery Expansion and Upgrade Project (REUP), aimed at doubling processing capacity and significantly enhancing fuel quality, marking a pivotal phase in PRL’s evolution.
During the fiscal year 2023-24, PRL showcased a remarkable financial turnaround, announcing a profit after taxation of Rs. 4.06 billion, a substantial increase from Rs. 1.82 billion in the previous year. Reflecting this strong profitability and positive outlook, the company declared a 20% cash dividend. Operational achievements included reaching the highest-ever production levels of High-Speed Diesel (HSD) and Motor Spirit (MS). The introduction of MS-95 fuel, meeting Euro-V specifications, was a highlight, setting new benchmarks for environmentally friendly fuel production.
Regarding strategic development, the FEED phase of the REUP is nearing completion, with an investment of Rs. 9.96 billion to date. Through a transparent bidding process, PRL engages with short-listed Engineering, Procurement, and Construction (EPC) contractors. The company has also met regulatory and policy compliance by signing agreements with the Oil and Gas Regulatory Authority (OGRA) under the Pakistan Oil Refining Policy, navigating challenges such as the country’s credit rating and geopolitical issues to achieve the financial close necessary for the project’s continuation.
PRL’s commitment to ‘Goal-Zero Incidents’ has culminated in 5 million person-hours without any Lost Time Incidents (LTI), highlighting its effective management systems and dedication to continuous improvement. The company also celebrated the completion of a major 38-day refinery turnaround, delivered with zero safety incidents, underscoring PRL’s focus on operational excellence and safety.
PRL’s financial stability was further endorsed by strong credit ratings from PACRA, which assigned the company a long-term entity rating of ‘A’ and a short-term rating of ‘A1’, reflecting high credit quality and a strong capacity for timely financial commitments.
Mr. Tariq Kirmani, Chairman of PRL, commended the company’s performance: “This year’s achievements are not just milestones but stepping stones to the future we envision. Our focus on the REUP and commitment to operational excellence propel us toward becoming a more robust and sustainable entity in the energy sector. We are steadfast in our commitment to complete our expansion plans, ensuring PRL continues to meet the needs of our market with efficiency and environmental responsibility.”
PRL is well-prepared for future growth with its ongoing strategic initiatives, especially the REUP, which will enhance production capabilities and meet evolving market demands. The company’s leadership remains committed to maintaining competitiveness, ensuring sustainability, and generating substantial value for all stakeholders.
