Doubling Capacity

Pakistan Refinery Limited (PRL) held its flagship event, PRL Connect 2024, in Karachi, focusing on the theme “Powering Progress, Doubling Capacity.” The event served as a platform for industry leaders, stakeholders, and partners to discuss PRL’s journey toward a sustainable energy future.

During the event, Tariq Kirmani, Chairman of the Board of Directors at PRL, highlighted the company’s outstanding operational performance in the current and previous quarters, achieving record-breaking profits, maintaining 100% plant availability and reaching the highest-ever sales of Diesel & Petrol in September 2023.

Zahid Mir, Managing Director and CEO of PRL, emphasized in his address that the company’s pursuit of doubling capacity signifies a broader commitment to establishing a self-sufficient and sustainable energy landscape for Pakistan. Mir invited banking partners to join hands in this transformative journey.

PRL also presented its strategic decision to adopt the Brownfield Refinery Policy, endorsed by the Federal Cabinet in August 2023. The company is leading a significant Refinery Expansion & Upgrade Project (REUP) with the objective of doubling crude processing capacity from 50,000 to 100,000 barrels per day. This initiative aims to eliminate Furnace Oil production entirely, redirecting efforts toward maximizing the output of highly profitable products like Petrol and Diesel of Euro V standards. Through aligning with market demands and prioritizing lucrative fuel products, PRL’s REUP initiative seeks to establish new industry standards for financial success and sustainability.

“PRL Connect 2024 marks a pivotal moment as we unveil our vision for a sustainable energy future. Our achievements and strategic decisions pave the way for transformative change, and we invite partners to join us in this ambitious journey.”

Iam delighted to connect with you through this special edition, sharing the monumental strides and transformative journey of Pakistan Refinery Limited (PRL). As the Chairman of PRL’s Board, I extend my heartfelt gratitude for your continued support and unwavering commitment.

In reflecting on our recent achievements, I am proud to announce the exceptional performance of PRL in the current and last quarters. Our dedication for excellence has propelled us to achieve the highest-ever first-quarter profits, coupled with a stellar 100% plant availability, record-breaking diesel production, and unprecedented sales in September 2023. These milestones underscore our commitment to operational efficiency and set new benchmarks in the industry.

One strategic decision that has been pivotal to our success is our embrace of the Brownfield Refinery Policy. Approved by the Federal Cabinet on August 8, 2023, this policy aligns seamlessly with PRL’s vision. It encourages existing refineries to upgrade and expand, minimizing the production of High Sulphur Residue Furnace Oil and fostering the creation of environmentally friendly fuels with Euro-V specifications. This policy, combined with the recent shift in shareholding, the majority held by Pakistan State Oil (PSO), signifies a powerful commitment to upgrade and expand PRL, ensuring a secure and reliable supply chain.

The decision to implement a Brownfield strategy for REUP underscores our efficiency and effectiveness in delivering sustainable solutions. Leveraging our existing location, infrastructure, and operational refinery provides us with a cost-effective and timely advantage. This approach positions PRL as a leader in the refining industry.

Our journey takes a transformative leap with the Refinery Expansion and Upgrade Project (REUP). This project represents more than numerical growth; it signifies our commitment to environmental responsibility, cleaner fuels, and sustainable practices. REUP aims to double our crude processing capacity from 50,000 to 100,000 barrels per day, fostering economic development, generating employment opportunities, and contributing significantly to our national GDP.

The decision to implement a Brownfield strategy for REUP underscores our efficiency and effectiveness in delivering sustainable solutions. Leveraging our existing location, infrastructure, and operational refinery provides us with a cost- effective and timely advantage. This approach positions PRL as a leader in the refining industry, demonstrating our commitment to operational excellence and responsible business practices.

REUP is not merely an internal project for PRL, it carries far-reaching implications for our nation. By contributing significantly to our national GDP, reducing import dependency, and promoting import substitution, REUP represents an investment in our country’s economic well-being. The project also aligns with the government’s environmental goals, making strides toward a sustainable and self-sufficient energy sector.

“Our journey towards doubling capacity is not just about numbers; it is about laying the foundation for a self-sufficient and sustainable energy future for Pakistan. We invite banking partners to become integral parts of our journey.”

It brings me immense pleasure to share the remarkable achievements that PRL has recently accomplished. The extraordinary records in production and sales are not merely statistics, they symbolize our collective dedication to excellence, resilience, and adaptability that define each member of the PRL family.

In navigating the intricacies of our industry, our collaborative efforts have propelled PRL’S performance to unprecedented heights. Through strategic decision-making, we have not only met but exceeded expectations, showcasing our ability to overcome challenges and attain greatness.

A pivotal aspect of our recent success lies in achieving the highest plant availability and recording the highest sales, reflective of our commitment to operational excellence and meeting the dynamic demands of the market.

In the realm of transformative initiatives, the Refinery Expansion & Upgrade Project (REUP) stands as a beacon of progress. This project signifies more than a numerical expansion; it involves doubling our crude processing capacity from 50,000 to 100,000 barrels per day, showcasing PRL’s dedication to powering the nation’s energy needs.

In the realm of transformative initiatives, the Refinery Expansion & Upgrade Project (REUP) stands as a beacon of progress. This project signifies more than a numerical expansion; it involves doubling our crude processing capacity from 50,000 to 100,000 barrels per day, showcasing PRL’s dedication to powering the nation’s energy needs.

Beyond the numerical aspect, REUP signifies the adoption of a Deep Conversion Refinery configuration, integrating cutting-edge technology that adheres to stringent environmental protocols, including the production of EURO V standard fuels. This marks our commitment to environmental sustainability and responsible energy practices.

Moreover, REUP is a catalyst for multifaceted positive impacts. It generates substantial employment opportunities, stimulates economic activity, and fosters skill development through the implementation of state-of-the-art technology. The project significantly contributes to the national GDP, reduces import dependency, and promotes import substitution, resulting in substantial savings of valuable foreign exchange.

Additionally, I express sincere appreciation to the Government for its steadfast support. The conducive regulatory environment and collaborative efforts have created a foundation for our accomplishments.
As we move forward on this journey of growth and innovation, I am confident that our collective efforts will continue to shape a brighter future for PRL and contribute to the prosperity of our nation.