Pakistan Refinery Limited (PSX: PRL) has announced its intention to adopt the amended provisions and incentives outlined in the newly introduced Brownfield Refining Policy 2024. In line with this decision, PRL plans to execute a supplemental agreement to the existing PRL Upgrade Agreement and Escrow Account Agreement.
The decision comes following the recent introduction of the Brownfield Refining Policy 2024, which includes revisions to its predecessor, the Brownfield Refining Policy 2023. PRL’s proactive stance underscores its commitment to leveraging the latest policy framework to enhance its operations and contribute to the development of Pakistan’s refining sector.
Previously, on November 16, PRL had disclosed the signing of the PRL Upgrade Agreement with the Oil and Gas Regulatory Authority (OGRA) under the Brownfield Refining Policy 2023. However, with the introduction of amendments to the policy, necessitating adjustments to the regulatory landscape, PRL has opted to align itself with the updated provisions.
The move signifies PRL’s adaptability and responsiveness to evolving regulatory environments, ensuring its competitiveness and sustainability in the dynamic energy sector of Pakistan. By embracing the amended policy framework, PRL aims to optimize its operational efficiencies, capitalize on available incentives, and contribute to the nation’s energy security objectives.
