Pakistan Refinery Limited (PRL) has received formal bids from companies interested in handling the Engineering, Procurement, Construction, and Finance (EPCF) work for PRL’s Refinery Expansion and Upgrade Project (REUP).
The refinery, a key player in Pakistan’s energy sector, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“PRL has received Engineering, Procurement, Construction & Finance (EPCF) bids for its Refinery Expansion & Upgrade Project (REUP). PRL is in the process of evaluating these EPCF bids and will provide further updates in due course as necessary,” read the notice.
PRL is a hydro-skimming refinery based in Karachi, Pakistan. Established in 1960, PRL processes imported and local crude oil into products such as furnace oil, diesel, kerosene, jet fuel, and gasoline, with a daily capacity of 50,000 barrels.
The refinery operates at two locations: the main facility at Korangi Creek and crude oil berthing and storage at Keamari.
With a cost of around $1.7 billion, PRL is spearheading transformative Refinery Expansion & Upgrade Project (REUP), aimed at doubling the crude processing capacity from the existing 50,000 to 100,000 barrels per day, with zero production of high sulphur furnace oil (HSFO) in five years after the project achieves its financial close.
The project is designed to achieve zero furnace oil production, redirecting efforts towards maximising the production of highly profitable products, such as petrol and diesel, to Euro V standards.
Earlier in February, the PRL board approved a Rs3.15 billion loan from its parent company, Pakistan State Oil Limited (PSO), to finance the company’s Front-End Engineering Design (FEED) of the REUP.
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