FUTURE IN THE MAKING
WITH CUT TING EDGE TECHNOLOGY
PAKISTAN REFINERY LIMITED
A N N U A L R E P O R T 2 0 2 3
DOUBLING CAPACITY
Since our inception in 1960, we have been on a pursuit of progress committed to capacity building and purposeful use of technology to fuel growth in an ever-evolving energy landscape. We take pride in being among the active refineries in Pakistan that excels in providing par excellence services, making it the ultimate choice for all stakeholders.
Taking a step forward, this year we've continued our journey towards Refinery Expansion and Upgrade Project (REUP), aimed at utilizing our technological advancement to maximize our crude processing potential of 50,000 bpd to 100,000 bpd per day, upgradation to a Deep Conversion Refinery for less production of HSFO, and manufacturing of eco-friendly fuels i.e. EURO V compliant HSD and MS/Petrol. We've embarked on a mission to shape the future of Pakistan's Oil & Gas Industry with a monumental expansion, doubling our capacity to meet the increasing demands for energy while establishing sustainable practices and setting new standards of
excellence in the industry.
CONTENT
ABOUT THE REPORT | 04 |
COMPANY INFORMATION | 06 |
PERFORMANCE DURING THE YEAR | 08 |
CHAIRMAN'S REVIEW | 10 |
MANAGING DIRECTOR & CEO'S MESSAGE | 12 |
VISION & MISSION | 14 |
REFINERY EXPANSION & UPGRADE PROJECT | 16 |
CORPORATE GOVERNANCE | 24 |
BOARD OF DIRECTORS | 26 |
DIRECTORS' REPORT | 53 |
ORGANISATIONAL OVERVIEW AND | 60 |
EXTERNAL ENVIRONMENT | |
PRL OVER THE YEARS | 62 |
PESTEL ANALYSIS | 66 |
SWOT ANALYSIS | 69 |
STRATEGIC APPROACH AND | 70 |
RESOURCE MANAGEMENT | |
RISKS AND OPPORTUNITIES ANALYSIS | 76 |
AND MANAGEMENT |
BUILDING STRONG RELATIONSHIPS | 82 |
WITH STAKEHOLDERS | |
BUSINESS MODEL | 86 |
REFINERY OPERATIONS | 88 |
ORGANISATIONAL STRUCTURE AND | 90 |
REPORTING RELATIONSHIPS | |
REFINERY LEADERSHIP TEAM | 92 |
CSR | 106 |
IT GOVERNANCE | 110 |
OUTLOOK | 114 |
STRIVING FOR EXCELLENCE IN | 116 |
CORPORATE REPORTING | |
FINANCIAL ANALYSIS | 118 |
FINANCIAL STATEMENTS | 138 |
DIRECTORS' REPORT - URDU | 191 |
CHAIRMAN'S REVIEW - URDU | 193 |
NOTICE OF ANNUAL GENERAL MEETING | 194 |
FORM OF PROXY | 198 |
FORM OF PROXY - URDU | 200 |
ABOUT THE
REPORT
The Annual Report 2023 covers the period from July 1, 2022, to June 30, 2023, and significant subsequent events till its issuance. This report has been carefully shaped in accordance with the International Integrated Reporting Framework (Framework). This Report exemplifies Pakistan Refinery Limited's (PRL/the Company) dedication to aligning its corporate reporting with global best practices, aiming to comprehensively understand PRL's existing operations, values, commitments and future plans particularly increasing crude processing capacity by more than 100 percent.
This Report also underscores the integral connection between PRL's strategy, governance, performance, and the generation of value for all stakeholders. With an emphasis on transparency and informed decision-making, this Report unveils insights that facilitate timely decisions.
Key components of Integrated Reporting Encompass:
- Organizational overview and external environment: An exploration of PRL's operations within the broader context of the external landscape.
- Governance structure: Insights into PRL's governance setup and how it contributes to value creation.
- Business model: An overview of PRL's business model, demonstrating its role in generating value.
- Risks and opportunities: An analysis of the risks and opportunities PRL faces, its management and their impact on value creation.
- Strategy and resource allocation: An exposition of PRL strategies and how resources are allocated to attain them.
- Performance and achievements: Review of performance against strategic objectives and resultant outcomes.
- Outlook and challenges: Appraisal of prospects and challenges and their implications.
- Basis of presentation: Explanation of the Report's structure and the criteria for the inclusion of elements.
The online version of this Report is available on PRL's corporate website, accessible through this link: http://www.prl.com.pk/financial-reports/.
The video message of the Managing Director & CEO on PRL's overall performance for the year ended June 30, 2023, along with views on future plans is uploaded on the website at the following link http://www.prl.com.pk/investor-information/.
This Report reflects PRL's accomplishments and its commitment to growth, sustainability and stakeholders' engagement.
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Pakistan Refinery Ltd. published this content on 18 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2023 05:21:01 UTC.