National Refinery Limited

National Refinery Limited (NRL) is a Pakistani oil refinery which is a subsidiary of UK-domiciled Attock Oil Company. It is based in Karachi, Pakistan.[1]

National Refinery Limited
Public
Traded asPSX: NRL
IndustryOil refining
Founded1963 (1963)
HeadquartersKarachi, Pakistan
Area served
Pakistan
ParentAttock Oil Company
Websitewww.nrlpak.com

It is a petroleum refinery and petrochemical complex engaged in the manufacture and sale of asphalts, BTX, fuel products and lubes for domestic consumption and export. National Refinery Limited is the second largest capacity refinery of Pakistan in terms of crude oil processing facilities and is the only lube oil refinery of Pakistan.[1]

History

The company was incorporated in 1963 and first lube refinery was constructed in June 1966. Hydroskimming fuel refinery was commissioned in April 1977 and its capacity was increased in 1985. BTX (petrochemical) plant was constructed in April 1979 which was the first petrochemical unit of the country. Second lube refinery was constructed in February 1984. Since then various expansions of the refinery have been made.

In 2005, Attock Group acquired majority shareholding of the company.[2]

Business relationships

The company's major purchases are made from Saudi Aramco, an oil company based in Saudi Arabia, with a history of no default up to the financial year ending 30 June 2011. Crude oil is also received on a regular basis from the domestic oil companies in Pakistan. State Bank of Pakistan acts as the sovereign guarantor of payments made on time between the National Refinery Limited and the Saudi oil company Saudi Aramco.

In 2017, the Supreme Court of Pakistan imposed fines on National Refinery Limited for missing its due payments to the crude oil supplier Saudi Aramco which then State Bank of Pakistan had to step in and make those payments in the form of foreign currency.[3]

Business segments

Fuel segment

Fuel segment offers:

Lube segment

References
  1. Company Overview of National Refinery Limited on Bloomberg.com website, Retrieved 29 October 2017
  2. https://fp.brecorder.com/2019/01/20190131443653/
  3. Supreme Court orders National Refinery to pay Rupees305 million to State Bank of Pakistan Dawn (newspaper), Updated 16 May 2017, Retrieved 29 October 2017
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.