Karachi May 6 2022: Subsequent to the period end, the Pakistan Refinery Limited (PRL) has appointed an international Consultant to undertake Front End Engineering Design (FEED) work of the Refinery Expansion and Upgrade Project (REUP) and has also appointed a consortium of financial institutions as the Financial Advisor for local financing requirements of REUP.
The work on FEED will start in the current financial year and is targeted to be complete by August 2023 thereafter leading to Financial Close and award of Engineering Procurement and Construction (EPC) contract.
The estimated cost of REUP is USD 1.2 billion.
During the period, the global oil industry entered a crisis like situation due to the Russia - Ukraine conflict, seriously afflicting the oil prices and raising questions about oil and gas supplies.
However, due to efficient inventory planning and management, the Company ensured uninterrupted supply of crude and was able to take advantage of healthy refining margins that resulted in profit after tax of Rs. 5.53 billion for the quarter ended March 31, 2022 against profit after tax of Rs. 0.54 billion in the same quarter last year.
On an aggregate basis, the Company posted a profit after tax of Rs. 5.42 billion for the nine months period ended March 31, 2022 against the profit after tax of Rs. 0.62 billion in the corresponding period. The above profit was achieved despite incurring exchange loss of Rs. 2.07 billion during the nine months period ended March 31, 2022.
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.