KARACHI: Pakistan Refinery Ltd (PRL) is spearheading a transformative refinery expansion and upgrade project (REUP) aimed at doubling the crude processing capacity from 50,000 to 100,000 barrels per day to ensure a significant boost in capacity besides focusing on enhancing profitability within five years.

Speaking at ‘PRL Connect 2024 Powering Progress, Doubling Capacity on Friday, board chairman Tariq Kirmani said the project is designed to zero furnace oil production, redirecting efforts towards maximising the production of highly profitable products like petrol and diesel of Euro V standards.

By aligning with market demands and prioritising lucrative fuel products, the initiative aims to set new industry benchmarks for financial success and sustainability, he added.

According to a press release, Mr Kirmani highlighted the company’s stellar operational performance in the current and last quarter, achieving record-breaking profits, 100pc plant availability, and the highest-ever sales of diesel and petrol in September 2023.

PRL showcased its strategic decision to embrace the Brownfield Refinery Policy, approved by the Federal Cabinet in August 2023. The advantages of the policy are immense, positioning all existing refineries on a trajectory to upgrade, collectively capable of refining around 450,000 barrels per day of crude oil.

He said a lack of development and technology upgrades over the years has placed PRL slightly behind the rest of the refining industry. Recognising the need for transformative change, PRL is poised to address these challenges.

He pointed out about the shift in majority shareholding to Pakistan State Oil, signalling PSO’s strong commitment to upgrade and expand PRL.

Published in Dawn, January 27th, 2024