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HomeBusinessPRL's board of directors has approved a $1.2 billion expansion project

PRL’s board of directors has approved a $1.2 billion expansion project

KARACHI: The board of directors of Pakistan Refinery Limited (PRL) has decided to undertake refinery expansion and upgrade project (REUP), a bourse filing said on Tuesday.

The objectives of the project is to produce Euro V compliant high-speed diesel (HSD) and motor spirit (MS/petrol) to comply with the requirements, and the expansion of crude processing capacity to 100,000 barrels/day.

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The board has moved to achieve self-sustainability by upgrading from hydro-skimming refinery to deep conversion refinery; thereby, significantly reducing the production of high sulphur furnace oil.

“[The] project cost is currently estimated at around $1.2 billion on the basis of a detailed feasibility study. Actual costing will be determined after the completion of the FEED study, followed by financial close and award of engineering procurement and construction (EPC) contract,” the filing stated.

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PRL would undertake the Front-End Engineering Design or FEED study of the said project and appoint the financial advisor, with the successful bidder expected to be in place by the quarter ending March 31, 2022.

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