Karachi January 8 2025: Pakistan Refinery to get PKR 3.15 billion loan facility from Pakistan State Oil for FEED study of Refinery expansion and upgradation project.
The Board of Directors of Pakistan Refinery Limited has approved the acquisition of a loan facility amounting to PKR 3.15 billion, from Pakistan State Oil Company Limited (PSO) to finance the Company’s Front-End Engineering Design (FEED) of the Refinery Expansion & Upgrade Project (REUP).
This loan has an option of conversion into equity, which will be subject to all requisite corporate and regulatory approvals that maybe required then.
The REUP has the objective to make compliance with requirement to produce EURO V compliant HSD and MS; doubling of crude oil processing capacity from 50,000 to 100,000 bpd: to achieve self-sustainability by upgrading from hydro-skimming refinery to deep conversion refinery thereby, significantly reducing production of HSFO.
