Karachi: In a recent regulatory filing, Pakistan Refinery Limited (PRL) clarified that it has not released any news or made commitments with any Chinese companies, contrary to recent media reports. The disclosure, mandated under Regulation 5.6.2 of the Rule Book of Pakistan Stock Exchange Limited, was issued on October 17, 2024.

The Karachi-based refinery addressed the disclosure to the General Manager of the Pakistan Stock Exchange, asserting that the information regarding any agreements or engagements with Chinese enterprises, mentioned in a news clipping on the same date, was not authorized by PRL. This clarification aligns with their prior notification to the PSX, dated May 22, 2024, in which PRL had previously informed about a visit by their senior management to China. According to information available from the Pakistan Stock Exchange (PSX), during this visit, discussions were held with potential Engineering, Procurement, and Construction (EPC) contractors and financial institutions, but no definitive agreements were concluded.

The company emphasized its ongoing interest in exploring possible partnerships and the significant enthusiasm of Chinese firms to engage with their operations in Pakistan. However, as of the latest communication, no formal agreements have been entered into.

PRL requested that this clarification be communicated to all TRE Certificate Holders of the stock exchange to ensure transparency and maintain investor confidence.