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National Refinery Limited

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National Refinery Limited
Company typePublic
PSX: NRL
KSE 100 component
KSE 30 component
IndustryOil refining
Founded1963; 61 years ago (1963)
HeadquartersKarachi, Pakistan
Area served
Pakistan
Key people
Jamil A. Khan (CEO)
ProductsMotor gasoline, kerosene, high speed diesel, jet fuel and LPG
RevenueIncrease Rs. 352.596 billion (US$1.2 billion) (2023)
Decrease Rs. 11.121 billion (US$39 million) (2023)
Decrease Rs. −4.463 billion (US$−15 million) (2023)
Total assetsIncrease Rs. 111.779 billion (US$390 million) (2023)
Total equityDecrease Rs. 34.598 billion (US$120 million) (2023)
Owner
Number of employees
971 (2023)
ParentAttock Group
Websitenrlpak.com
Footnotes / references
Financials as of 30 June 2023[1]

National Refinery Limited (NRL) (Urdu: نیشنل ریفائنری لمیٹڈ) is a Pakistani oil refinery which is a subsidiary of UK-domiciled Attock Oil Company.[2] It is based in Korangi Creek, Karachi.[3][4]

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.[4]

History

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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.[4]

In 2005, Attock Group acquired majority shareholding of the company – with Pakistan Oilfields and Attock Refinery Limited both holding 25 percent shares each. Islamic Development Bank of Saudi Arabia holds 15 percent of the total shares.[4]

Business relationships

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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. The 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.[5]

Business segments

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Fuel segment

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Fuel segment offers:

Lube segment

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References

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  1. ^ "National Refinery Limited Annual Report 2023". Retrieved 1 August 2024.
  2. ^ "National Refinery Limited shareholding pattern".
  3. ^ Hussain, Dilawar (1 September 2020). "When refineries go underwater". DAWN.COM.
  4. ^ a b c d e f g h i j "Profile of National Refinery Limited". Business Recorder. 31 January 2019.
  5. ^ Supreme Court orders National Refinery to pay Rupees305 million to State Bank of Pakistan Dawn , Updated 16 May 2017, Retrieved 17 September 2020
  6. ^ a b c d e Profile of National Refinery Limited on MarketScreener.com website Retrieved 17 September 2020
  7. ^ Furnace oil glut dents profits of refineries The Express Tribune, Published 22 January 2020, Retrieved 17 September 2020
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