PRL Denies $1 Billion Investment Agreement With Chinese Company

Pakistan Refinery Limited (PSX: PRL) has denied media reports of entering a commitment with any Chinese company. “News clipping dated October 17, 2024, has not been released by us, neither have we entered into any such commitments with any Chinese company,” PRL said, citing Wednesday’s reports that it had secured a $1 billion investment from a Chinese investment company. “We refer to our previous letter dated May 22, 2024 whereby we have already intimated PSX regarding the visit of our senior management to China to engage with the potential EPC Contractors and financial institutions and the keen interest of the Chinese companies to collaborate with us on our Project,” it added. The company is engaged in the production and sale of petroleum products. The Company is a subsidiary of Pakistan State Oil Company Limited (PSO). At the time of filing, its scrip at the bourse was Rs. 25.5, down 3.59 percent or Rs. 0.95 with over 8 million shares on Friday.