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Site update: September 18 2020, at 18:00 PKST
Stock update: September 18 2020.

Recent Financial News about PRL (Pakistan Refinery Limited)

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Friday, August 28 2020

PRL oil pipeline damaged due to rains
KARACHI: Pakistan Refinery Ltd notified the stock exchange on Wednesday that due to heavy rains in Karachi on Aug 25, the water washed away a portion of the Piles Bridge carrying the intracity oil pipelines which connect Keamari Terminal to the Refinery at Korangi Creek for transportation of crude oil and products. “The incident resulted in severely damaging the aforesaid oil pipelines,” the company observed. It added that access to the site was difficult but the situation was being assessed so the magnitude of damage could be ascertained “enabling us to take required measures regarding safety and continuity of refinery operation in the present situation, which may include [their] temporary shutdown.” After completion of assessment, PRL said it would be able to estimate the time period for restoring the oil pipelines and the same would be communicated to the exchange. The refinery usually keeps 7-12 days of stock according to management sources, and product can move via tanker from the refinery gate.
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