PAKISTAN REFINERY

What PAKISTAN REFINERY does

Pakistan Refinery Limited (PRL) operates a single hydro skimming refinery located in Karachi's coastal belt, processing approximately 50,000 barrels per day of imported and domestic crude oil into refined petroleum products. Established in 1960 and listed on the Pakistan Stock Exchange under ticker PRL, the company produces High-Speed Diesel (HSD), Motor Spirit/Petrol, Kerosene, Jet Fuel (JP-1 and JP-8), Furnace Oil, Naphtha, and LPG. PRL sells its products on a B2B basis to Oil Marketing Companies (OMCs) — with Pakistan State Oil as a critical counterparty — alongside major institutional customers in Pakistan's defense, government, and industrial sectors. Pricing is government-regulated and published per litre for light fuels and per metric tonne for furnace oil and LPG, making revenue mechanics transaction-based and tightly coupled to policy-set price adjustments.

Name

PAKISTAN REFINERY

Legal name

Pakistan Refinery Limited

Website

https://prl.com.pk

Company type

Public

Founded year

1960

Operating status

Operating

Headcount range

251–500 employees

Short description

Pakistan Refinery Limited (PRL) operates a 50,000 bpd hydro skimming refinery in Karachi, processing crude into HSD, petrol, jet fuel, kerosene, furnace oil, naphtha, and LPG for Pakistan's Oil Marketing Companies and institutional customers. It is executing a USD 1.2 billion REUP expansion to double capacity and produce Euro V compliant fuels.

Ownership category

akta.pro rank

Product category

Petroleum Refining

NAICS

Petroleum Refineries (324110), Petroleum Bulk Stations and Terminals (424710), Petrochemical Manufacturing (32511)

SIC

Petroleum Refining (2911), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Refinery Offsites, Storage & Loading (Tankage, Truck/Rail/Marine Loading) (EUALAGAK)

akta.pro secondary industries

Refinery Process Technology Licensing & Engineering (Process Design, Revamps) (EUALAGAM), Oilfield & Refining Specialty Chemicals (IMAEABAI), Crude Oil Tank Farms & Terminals (TLAGAKAA), Sulfur & Acid Gas Feedstocks (Sulfur, Sulfuric Acid, Mercaptans) (EUALAHAH)

Keywords

• Petroleum refining
• Refined petroleum products
• Hydro skimming refinery
• Crude oil processing
• Fuels and lubricants

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Petroleum Product Sales: PRL generates revenue by refining crude oil and selling refined petroleum products including High-Speed Diesel (HSD), Motor Spirit/Petrol (MS), Kerosene, Jet Fuel (JP-1, JP-8), Furnace Oil, Naphtha, and LPG. Products are sold to Oil Marketing Companies (OMCs) and major institutional customers across Pakistan. Revenue is transaction-based, driven by production volumes and prevailing petroleum prices. The company also aims to produce propylene as a petrochemical feedstock following REUP completion.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Pakistan Refinery Limited (PRL) operates a hydro-skimming refinery located in Karachi's coastal belt with a daily crude processing capacity of 50,000 barrels. The company processes imported and domestic crude oils into refined petroleum products including High-Speed Diesel (HSD), Motor Spirit/Petrol (MS), Kerosene, Jet Fuel (JP-1 and JP-8), Furnace Oil, Naphtha, and Liquefied Petroleum Gas (LPG). These products are sold in bulk to Oil Marketing Companies (OMCs) and institutional customers across Pakistan's transportation, industrial, aviation, defense, and domestic sectors.

Product overview

Pakistan Refinery Limited (PRL) operates a single hydro-skimming refinery in Karachi with approximately 50,000 barrels per day processing capacity. The company produces and supplies a portfolio of refined petroleum products including High-Speed Diesel (HSD), Motor Spirit/Petrol (MS), Kerosene, Jet Fuel (JP-1 and JP-8), Furnace Oil, Naphtha, and Liquefied Petroleum Gas (LPG). These products are distributed to Oil Marketing Companies (OMCs) and major industrial customers across Pakistan. PRL is currently undertaking the Refinery Expansion & Upgrade Project (REUP), a major strategic initiative to double capacity to 100,000 barrels per day and transition to deep conversion refining with Euro V compliant fuel production capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• High-Speed Diesel (HSD) Diesel fuel refined through hydro-skimming processes, sold in bulk to Oil Marketing Companies and institutional customers for use in transportation, industry, and power generation.
• Motor Spirit (MS) / Petrol Petrol refined from crude oil for automotive engines, produced via the Isomerization Unit and other refining processes and sold in bulk to OMCs.
• Kerosene Distillate fuel used for heating, lighting, and cooking across domestic and commercial sectors, supplied in bulk to OMCs.
• Jet Fuel (JP-1 and JP-8) Aviation fuel meeting specifications for aircraft engines, supplied in JP-1 and JP-8 grades to defense, government, and aviation customers.
• Furnace Oil (High Sulphur Furnace Oil) Heavy fuel oil with high sulfur content used in industrial furnaces and boilers, supplied to industrial and power generation customers.
• Naphtha Light petroleum distillate supplied as feedstock for petrochemical industries and used as a solvent in various industrial applications.
• Liquefied Petroleum Gas (LPG) Refined petroleum gas comprising propane and butane, supplied for domestic cooking, heating, and automotive fuel applications.

Quantifiable outcome

• Doubling crude processing capacity from 50,000 to 100,000 barrels per day
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• State Oil Company of Azerbaijan Republic (SOCAR)coreTechnology or Integration · 25 February 2025PRL executed a Tripartite MoU with SOCAR and Pakistan State Oil Company Limited to support refinery modernization and related initiatives. The MoU covers project management consultancy and technical services including feasibility support, scope definition, technical advisory, risk assessment and mitigation, and assistance with procurement and contracting. The collaboration leverages shared expertise to strengthen refinery capability and improve operational efficiency.
• Pakistan State Oil Company Limited (PSO)coreTechnology or Integration · 25 February 2025PSO is a key partner in the Tripartite MoU with SOCAR for refinery modernization support. PSO also provided a Rs 3.15 billion loan facility to finance REUP FEED work, demonstrating financial commitment to PRL's modernization. PSO is Pakistan's largest Oil Marketing Company and a critical customer and partner.
• Asia Petroleum LimitedcoreStrategic or Co-development Partner · 20 December 2024PRL signed an MoU with Asia Petroleum Limited to support collaboration on refinery upgradation initiatives. The MoU provides a framework for cooperation in pursuing refinery modernization and capacity enhancement objectives.
• Honeywell UOPcoreTechnology or Integration · 21 November 2023PRL signed a technology license agreement with Honeywell UOP for its REUP. The agreement supports PRL's modernization roadmap through advanced process technologies aimed at strengthening refinery configuration and enabling production of higher-value fuels. This collaboration forms a key technical foundation for the upgrade initiative, aligning with PRL's broader objective to enhance efficiency and product quality.
• AxenscoreTechnology or Integration · 21 November 2023PRL signed a technology license agreement with Axens for its REUP. The agreement supports PRL's planned upgrade by enabling access to specialized process technologies aligned with Euro V fuel specifications. This step forms part of PRL's modernization journey, aimed at improving product quality and strengthening refinery capability in line with evolving market and environmental requirements.
• Sindh GovernmentcoreStrategic or Co-development Partner · 27 June 2023PRL partnered with the Sindh Government to establish an Urban Forest around the refinery, with a planned plantation of 150,000 trees of various species. The initiative supports environmental stewardship by contributing to greener surroundings, improved air quality, and broader climate and community benefits.
• The Citizens Foundation (TCF)coreStrategic or Co-development Partner · 18 May 2023PRL partnered with The Citizens Foundation (TCF) to support quality education for underprivileged children in Pakistan. Under a 10-year MoU, PRL committed to contribute PKR 9.24 million for the 2023-24 academic year toward operational support of the Professor Amanat Ali Campus in Korangi, supporting both morning and afternoon shifts. The partnership demonstrates PRL's commitment to investing in communities near its operations and supporting sustainable development.
• Wood Group UK Limited (Wood)coreTechnology or Integration · 20 May 2022PRL signed an agreement with Wood Group UK Limited to serve as the Front-End Engineering Design (FEED) contractor for REUP. The FEED phase developed the detailed engineering foundation required for subsequent project execution, including increasing crude processing capacity from 50,000 to 100,000 barrels per day and upgrading the refinery configuration toward deep conversion.
• Indus HospitalcoreStrategic or Co-development PartnerPRL contributed PKR 19.5 million toward critical hospital equipment for Indus Hospital including ICU ventilators, ultrasound machines, and ECG Holter monitor systems to strengthen emergency and clinical services and support timely diagnosis and lifesaving care. PRL has also made previous donations of PKR 15.4 million to Indus Hospital, demonstrating ongoing healthcare CSR commitment.
• Layton Rehmatulla Benevolent Trust (LRBT)coreStrategic or Co-development PartnerPRL contributed PKR 3.5 million to LRBT to support a three-day eye camp providing screenings and essential care for patients with limited access to treatment. PRL also made previous donations of PKR 3 million to LRBT for eye care services, supporting improved healthcare access for individuals and communities.
• BehbudminorStrategic or Co-development PartnerPRL contributed PKR 3.5 million to Behbud for improvements at a girls' primary school, including water dispensers and toilet construction, supporting safer, healthier learning environments for young students.
• Pak Grease Manufacturing Company (Private) LimitedminorStrategic or Co-development PartnerPRL holds 27.26% equity stake in Pak Grease Manufacturing Company (Private) Limited, acquired in 1971 and 1972. This represents a minority investment in a related downstream business producing lubricating greases.

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Pak Arab Refinery Company (PARCO): Pakistan's largest refinery (100,000+ bpd capacity), jointly owned by Pakistan and Abu Dhabi. Most directly comparable peer to PRL given shared domestic market, similar B2B OMC distribution model, and parallel pursuit of Euro V compliant fuel upgrade under the Brownfield Refinery Policy.
• Attock Refinery Limited: Listed Pakistani refinery with similar hydro-skimming configuration serving OMCs domestically. Directly comparable to PRL in scale, customer base, regulatory environment, and exposure to the same OMC upliftment dynamics and Brownfield Policy modernization mandates.
• National Refinery Limited: Long-established Pakistani refinery also pursuing capacity and conversion upgrades under the Brownfield Refinery Policy 2023. Closest peer to PRL in terms of legacy asset base, domestic-only distribution to OMCs, and concurrent modernization journey.
• Byco Industries Pakistan Limited: Vertically integrated Pakistani oil refining and marketing company operating a hydrocracker refinery at Hub. Comparable to PRL as a domestic competitor serving the same OMC end-market, with overlapping exposure to regulated pricing and Euro V transition.

Broad incumbents

• Pakistan State Oil Company Limited (PSO): Pakistan's largest Oil Marketing Company and PRL's largest customer/financial partner. Comparable as a dominant player in the same domestic petroleum value chain, though focused on marketing and distribution rather than refining.
• Reliance Industries Limited: India's largest private-sector refining and petrochemicals complex operator with world-scale conversion assets. Comparable to PRL in the refining-to-petrochemical integration thesis that REUP enables, though at vastly larger scale and within a different regulatory framework.
• Indian Oil Corporation Limited: India's largest state-owned refiner and OMC with diversified refining assets across South Asia. Comparable as a regional broad incumbent in petroleum refining, distribution, and petrochemical production relevant to PRL's strategic direction.
• Kuwait National Petroleum Corporation (KNPC): State-owned Kuwaiti refiner operating Mina Al-Ahmadi and Mina Abdullah refineries with deep conversion capability. Comparable as a regional refining incumbent that has executed similar Euro-spec upgrade programs relevant to PRL's REUP benchmark.

Others

• Oil and Gas Development Company Limited (OGDCL): Pakistan's largest upstream oil and gas exploration company and PRL's potential equity partner under the 2023 MoU. Adjacent rather than competing, but materially relevant as the strategic upstream-downstream integration counterpart in PRL's modernization agenda.
• State Oil Company of the Azerbaijan Republic (SOCAR): National oil company of Azerbaijan and PRL's technical services partner under the tripartite MoU with PSO. Comparable as an NOC with refining and trading capabilities, and directly relevant through its PMC and technical advisory role in PRL's REUP execution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pakistan-refinery-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PAKISTAN REFINERY