Pakistan Refinery Limited or PRL is going to make the investment of $1 billion for the refinery upgrading.
PRL will invest $1 billion in the refinery upgrade project as Pakistan Refinery Limited issued statement on Friday (yesterday). According to the press release, PRL is going to convert the existing refinery into the deep conversion refinery. The compliance will be also achieved using the requirement of government to generate the EURO II standard diesel.
PRL revealed that the detailed feasibility study was carried out by renowned international consultants. In addition, they also decided to invite EOI or Expression of Interest from well-established contractors for appointment as Engineering, Procurement and Construction (EPC) contractors and Front End Engineering Design (FEED) for the task.
Pakistan Refinery Limited revealed that the $1bn estimate is a broad number and a more reliable estimate of total investment amount will be confirmed after the finalization of FEED. However, it will be followed by financial close of the project and EPC execution.