Pakistan Refinery Limited (PRL), a subsidiary of Pakistan State Oil Company Limited (PSO), has achieved a historic production milestone for petroleum products in September. The announcement came through PRL’s notice to the Pakistan Stock Exchange (PSX).
In the notice, PRL highlighted that successful strategic shifts and efficient operations led to record-breaking sales and production levels, boosting profitability. PRL achieved an unprecedented average feed rate of 5,340 tons. Notably, the production of middle distillate exceeded 77,000 tons, with diesel reaching 73,423 tons, an all-time high for the refinery.
The company also reported the highest-ever diesel sales of over 82,000 tons in a single month. Additionally, PRL’s strategic decision to convert Naphtha into Motor Spirit (MS) resulted in the production of over 26,000 tons of MS 92, setting another record.
PRL’s Refinery Expansion and Upgrade Project (REUP), launched in July, aims to enhance and modernize its refining capabilities. The project involves expanding crude processing capacity from 50,000 barrels per day (bpd) to 100,000 bpd and installing deep conversion capabilities, allowing the conversion of fuel oil production into valuable products such as petrol and diesel while meeting environmentally friendly EURO V standards.
Despite these achievements, PRL’s latest financial results showed a significant decline in profitability, with earnings at Rs1.82 billion in FY23, compared to Rs12.57 billion in the same period last year. This decline was attributed to factors like foreign exchange reserve depletion, PKR depreciation, increased interest rates, and high inflation.
