PRL Inks Upgrade Agreement With OGRA Under New Brownfield Refinery Policy

Pakistan Refinery Limited (PSX: PRL) has successfully executed an Upgrade Agreement with the Oil & Gas Regulatory Authority (OGRA), within the stipulated three-month window under the Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023, delineating key commitments, project milestones, and intricate project details. Zahid Mir, the Managing Director and CEO of PRL, underscored the importance of this commitment, stating, “PRL stands at the forefront of the industry’s evolution, aligning seamlessly with the directives of the Policy. Our prompt execution of this agreement signals our unwavering dedication in catalyzing the modernization and efficiency of Pakistan’s refining sector”. OGRA Chairman Masroor Khan emphasized the transformative impact of regulatory compliance, stating, “The mandatory stipulations in the Pakistan Oil Refining Policy are strategically designed to act as a catalyst for the metamorphosis of brownfield refineries. OGRA is pleased to oversee and support PRL in meeting and exceeding these obligations, thereby contributing significantly to the sustainable development of Pakistan’s oil and gas sector”. The signing ceremony, attended by the leadership of both PRL and OGRA, marks the commencement of the planned refinery upgradation. The company has reaffirmed its dedication to the Refinery Expansion & Upgrade Project (REUP). This initiative not only aims to upgrade existing facilities but also to double capacity, produce Euro V standard fuels, and elevate operational efficiency.