PRL secures Rs3.15bn loan from PSO for refinery upgrade

KARACHI: The Board of Directors of Pakistan Refinery Limited (PRL) has approved a Rs3.15 billion loan facility from Pakistan State Oil Company Limited (PSO).

The loan will fund the Front-End Engineering Design (FEED) phase of PRL’s Refinery Expansion & Upgrade Project (REUP), according to a notification issued to the local stock exchange on Wednesday.

The agreement includes an option to convert the loan into equity in the future. However, this conversion will require all necessary corporate and regulatory approvals at the appropriate time.