Pakistan Refinery Limited Moves Ahead with Refinery Upgrade Agreement
Karachi, September 25, 2026: Pakistan Refinery Limited (PRL) has announced that it signed an Upgrade Agreement with the Government of Pakistan on September 24, 2026, marking another step toward the modernization and upgrading of its refinery.
According to the company’s disclosure to the Pakistan Stock Exchange, the agreement was signed through Inter State Gas Systems (Private) Limited (ISGS) pursuant to the approval of the Economic Coordination Committee (ECC) of the Cabinet under the Pakistan Oil Refining Policy for Upgrade of Existing / Brownfield Refineries, 2023, as amended in August 2026.
PRL said it remains committed to upgrading and modernizing its refinery in line with the objectives of the government’s refining policy. The company also expressed appreciation for the Government of Pakistan’s support and initiatives aimed at facilitating the country’s refining sector.
The agreement is significant for PRL as the company continues efforts to enhance and modernize its existing refinery infrastructure. The government’s brownfield refinery policy provides a framework for existing refineries to undertake upgrades and modernization projects.
The disclosure was made in compliance with Sections 96 and 131 of the Securities Act, 2015 and the relevant provisions of the Pakistan Stock Exchange rule book. PRL also submitted the required disclosure form concerning price-sensitive information to the exchange.
The company’s announcement reflects its continued focus on refinery upgrading while highlighting the role of government policy and institutional support in advancing Pakistan’s refining industry.
