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BreakingPSX Rebounds as KSE-100 Gains 664 Points: What Lifted the Market?
BreakingPakistan and US Explore Long-Term Energy Deals: What Could Change?
BreakingPakistan and China Plan Closer Ties: What Are the Key Areas of Cooperation?
BreakingUAE Oil Spill Spreads Closer to Shore: Why More Beaches Are Closing
BreakingTrump Targets Norway Over Nobel Prize Snub: What Sparked His Latest Remarks?
Gold 24KRs 414,536▼ 0.07%
Gold 24KRs 355,404▼ 0.07%
Gold 22KRs 379,991▼ 0.07%
SilverRs 5,593.00▼ 0.07%
USD / PKRRs 276.64▼ 0.06%
EUR / PKRRs 310.07▼ 0.02%
GBP / PKRRs 369.94▼ 0.08%
SAR / PKRRs 73.77▼ 0.06%
AED / PKRRs 75.33▼ 0.06%
CNY / PKRRs 41.43▲ 0.11%
ECONOMYMarkets · Policy · Power
Economy

Chinese Firm to Acquire 30% Stake In Pakistan Refinery Limited

WDWeb DeskPublished 1 min read
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Chinese Firm to Acquire 30% Stake In Pakistan Refinery Limited

Pakistan State Oil (PSO) has agreed to sell over 30% of its share in Pakistan Refinery Limited (PRL) to China's United Energy Group (UEG) for a $1.5 billion investment.

The deal aims to double PRL's refining capacity, increasing it from 50,000 to 100,000 barrels per day. PSO, facing a circular debt issue, will likely offer a 30-35% stake to UEG.

The collaboration includes upgrading the refinery to produce environmentally compliant fuels and aligns with PRL's commitment to cleaner energy. Licensing agreements with Honeywell UOP and Axens for Euro 5 specifications and a crude purchase agreement with Russia have also been secured.

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