PSO clears air about its investment in PRL

KARACHI: Pakistan State Oil Company (PSO) has clarified that its investment worth $1.5-2 billion through debt in Pakistan Refinery Limited’s (PRL) Refinery Expansion & Upgrade Project (REUP) is still at a premature stage and nothing conclusive or definitive has taken place.

In a letter to the Pakistan Stock Exchange (PSX) on Thursday, PSO, a state-owned oil marketing company (OMC), clarified this while responding to a news report related to the issue. ‘PRL, being a listed company, shall inform the PSX as and when any material development takes place with regards to REUP,” the notice added.

Last month, in a briefing to analysts of brokerage houses, PSO indicated about its investment in the refinery upgrade project, estimated to require $1.5-2 billion, which will be primarily financed through foreign borrowing.PSO holds majority stakes of 63.6 per cent in PRL.