KARACHI: Pakistan Refinery Limited (PRL) has signed an agreement with Wood Group UK Limited (Wood) to double its crude oil processing capacity.
PRL entered in accord with Wood Group in Dubai appointing it as the front end engineering design (FEED) Contractor for the refinery expansion and upgrade project (REUP), the company said on Friday.
PRL CEO and MD Zahid Mir and Daniel Jennings, Head of Commercial, UK Projects of Wood signed the deal at a ceremony in attendance of Pakistan State Oil (PSO) MD and CEO Syed M Taha and other senior members from both companies.
PRL is fully supported by PSO, the majority shareholder, to undertake the project. The project, once completed would favourably contribute towards the country’s balance of payment through import substitution.
This project entails upgrading the existing refinery from hydro skimming to deep conversion, which would significantly reduce production of high sulphur furnace oil (HSFO) and maximise production of environment friendly EURO V standard premium products such as high-speed diesel (HSD) and motor spirit (MS/petrol).