PRL Inks Upgrade Agreement With OGRA
Pakistan Refinery Limited (PRL) has signed and executed the upgrade agreement with the Oil and Gas Regulatory Authority (OGRA) to upgrade its plants, the company reported on Thursday.
Pakistan Refinery Limited (PRL) has emphatically pledged its commitment to national progress by steadfastly adhering to the mandatory provisions outlined in the Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023. In a swift response to regulatory mandates, PRL has successfully executed the Upgrade Agreement with the Oil & Gas Regulatory Authority (OGRA) within the stipulated three-month window under the policy, detailing key commitments, project milestones, and intricate project specifics.
Zahid Mir, the Managing Director and CEO of PRL, highlighted the strategic significance of this commitment, stating, “PRL stands at the forefront of the industry’s evolution, seamlessly aligning with the directives of the Policy. Our prompt execution of this agreement signals our unwavering dedication to catalyzing the modernization and efficiency of Pakistan’s refining sector.”
Masroor Khan, Chairman of OGRA, underscored the transformative impact of regulatory compliance, expressing, “The mandatory stipulations in the Pakistan Oil Refining Policy are strategically designed to act as a catalyst for the metamorphosis of brownfield refineries. OGRA is pleased to oversee and support PRL in meeting and exceeding these obligations, thereby contributing significantly to the sustainable development of Pakistan’s oil and gas sector.”
The signing ceremony, attended by the leadership of both PRL and OGRA, marks the initiation of a transformative journey towards a planned refinery upgrade. As PRL embarks on this pioneering path, the company reaffirms its dedication to the Refinery Expansion & Upgrade Project (REUP). This visionary initiative not only aims to upgrade existing facilities but also to double capacity, produce Euro V standard fuels, and elevate operational efficiency. PRL’s commitment to shaping a sustainable future for the nation remains unwavering.
