National Refinery Limited

National Refinery Limited
Industry Oil refining
Founded 1963 (1963)
Headquarters Karachi, Pakistan
Area served
 Pakistan
Parent Attock Group
Website www.nrlpak.com

National Refinery Limited is a Pakistani oil refinery based in Karachi, Sindh, Pakistan.[1]

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]

Business segments

Fuel segment

Fuel segment offers:

Lube segment

National Refinery Limited is listed on Karachi, Lahore and Islamabad stock exchanges[2] and the company's shares are traded under the stock symbol (NATR.KA) on these exchanges.[2]

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 1992. Since then various expansions of the refinery have been made. In 2005, the company was privatized and Attock Group acquired 51% share holding of National Refinery Limited.[3]

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 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.[4]

References

  1. 1 2 Company Overview of National Refinery Limited on Bloomberg.com website, Retrieved 29 October 2017
  2. 1 2 3 4 "National Refinery Limited - Company Overview and stock quote". Reuters.com website. Retrieved 29 October 2017.
  3. ↑ Profile of National Refinery Limited on University of Engineering and Technology (UET XNEWS) website, Retrieved 29 October 2017
  4. ↑ Supreme Court orders National Refinery to pay Rupees305 million to State Bank of Pakistan Dawn (newspaper), Updated 16 May 2017, Retrieved 29 October 2017
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