The Pakistan Refinery Limited (PRL) Board of Directors (BoD) has authorized borrowing a Rs3.15 billion loan for refinery upgrades, according to Pasar on Wednesday.
The upgrade plan includes the completion of the refinery’s façade and engineering designs.
Pakistan Refinery Limited has already submitted a letter to the administration of the Pakistan Stock Exchange (PSX) regarding this matter.
The loan would be repaid to Pakistan State Oil (PSO) after being converted into equity. According to official sources, this loan will be critical to the energy sector’s development.
Pakistan Refinery Limited was established in Pakistan as a public limited corporation in May 1960. The corporation produces and sells petroleum products. The corporation is a subsidiary of the Pakistan State Oil corporation Limited.