photo: fileA Chinese investment corporation has agreed to provide $1 billion to Pakistan Refinery Limited (PRL) for its upgradation project, a move aimed at transforming the refinery's production capacity. However, the Chinese company has stated that such controls should be eliminated to ensure smooth repayment of the loan. Sources within the Petroleum Division revealed that PRL has assured the Chinese Investment Corporation that it will generate the required dollars through the export of petroleum products, which will then be used to repay the Chinese firm. Additionally, PRL, along with other refineries, was set to sign a supplemental agreement with the Oil and Gas Regulatory Authority (Ogra) under the new refinery policy. The amended "Pakistan Oil Refining Policy for Up-gradation of Existing/Brownfield Refineries 2023" has already been notified for implementation.

Source: The Express Tribune October 17, 2024 15:43 UTC