Pakistan Refinery Limited (PRL) in a statement on Monday said clarified reports that it is exploring options to purchase ‘pre-owned/used’ refinery units.

“The company is exploring the option of pre-owned/used refinery units in addition to the option of new refinery units for cost-effective analysis,” PRL said in a statement, the refinery, however, said that no decision is made as yet for finalizing any of the aforesaid options.

The statement comes after recent media news stated that the company is looking to buy a second-hand refinery complex to upgrade its operations.

PRL said that it had already communicated back in 2019, regarding exploring the option of an upgrade project with new refinery units. “The said upgrade project is aimed at compliance with Government’s directive to comply with Euro-V standard for petroleum products.”

It was earlier reported that PRL sought offers to purchase a second-hand refinery complex for relocation to Pakistan, according to an advertisement placed in international media.

It said it was undertaking an upgrade and potential expansion project to produce Euro V specification and high-speed diesel oil. For this purpose, it intends to purchase a pre-owned refinery complex with one or more conversion units, which should have a 50,000 to 100,000 BPD throughput design.

Offers from interested bidders have been invited with a closing date of April 23.