Karachi October 21 2022: Pakistan Refinery Limited (PRL) announced profitability of PKR 1,027 million in the first quarter of 2023 against loss of PKR 378 million in the same period last year, according to company filing to the exchange.
The refinery earned gross profit of PKR 1,605 million in the first quarter when compared with gross profit of PKR 472 million in the corresponding period last year due to higher refinery margins.
“Most refineries in Pakistan are hydro skimming producing 25-30% HSFO and Euro II or lower specification HSD. Upgradation of these refineries to deep conversion technologies is required to meet environment friendly Euro V product specifications and substantially reduce production of HSFO” says Company Chairman Tariq Kirmani.
He added, “These upgradation projects are capital intensive and require billions of dollars. Considering the losses incurred by the refinery sector in the last many years and low margins, the upgradation of these refineries cannot be undertaken without Government incentives to the industry.”
The chairman is optimistic about government support and said, “Recently, the Government of Pakistan has shown its commitment to come up with a new refining policy to ensure upgradation of existing refineries and to encourage investment in new refineries in order to meet the Country’s growing demand. In this regard, the refineries have been in a dialogue with the Government, and it is expected that the new refining policy will be announced soon enabling the existing refineries to undertake upgradation projects.”
About the Company
Pakistan Refinery Limited was incorporated in Pakistan as a public limited company in May 1960. The company is engaged in the production and sale of petroleum products.
