KARACHI: United Bank Limited (UBL) and JS Global Capital Limited (JSGCL) have been jointly awarded the mandate for financial advisory and arrangement services for local debt and equity for Pakistan Refinery Limited (PRL). This appointment will assist in meeting PRL’s financing requirements for a refinery expansion and upgrade project (REUP) at an estimated cost of $1,200 million.

The objective of the project is to enhance PRL’s production capacity from 50,000 barrels per day to 100,000 barrels per day and produce advanced quality Euro-V MOGAS/HSD. The expansion and upgradation will not only develop eco-friendly deep conversion refinery but also aid the national economy via import substitution.

The contract signing ceremony was held on August 19. The contract was signed by Shazad G. Dada President & CEO UBL, Zahid Mir, MD & CEO PRL and Kamran Nasir, CEO JS Global on behalf of their respective organisations.

The ceremony was also attended by Tariq Kirmani, Chairman PRL Board of Directors, Mohsin Mangi, member PRL Board of Directors and senior management of UBL, PRL and JS Global.

Copyright Business Recorder, 2022