Karachi: Pakistan Refinery Limited (PRL) has announced the signing of a significant Tripartite Memorandum of Understanding (MoU) with the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan State Oil Company Limited (PSO) in Baku, Azerbaijan. This strategic agreement focuses on Project Management Consultancy support and technical services aimed at modernizing refinery operations and initiating new projects.

The disclosure, mandated by Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book of Pakistan Stock Exchange Limited, was made public on February 25, 2025. PRL's collaboration with SOCAR and PSO aims to leverage shared expertise in feasibility studies, scope definition, technical advisory matters, risk assessment and mitigation, as well as procurement and contracting support.

According to information available from the Pakistan Stock Exchange (PSX), PRL's engagement in this MoU aligns with its strategy to enhance operational efficiencies and technical capabilities. The move is expected to facilitate knowledge transfer and bolster PRL's capacity to meet evolving market demands.

The announcement was accompanied by a disclosure form, in compliance with the Securities Act 2015, emphasizing the material nature of the information concerning the listed securities. Pakistan Refinery Limited's head office is located at P.O. Box # 4612, Korangi Creek Road, Karachi 75190, Pakistan. The company's designated market category involves refining operations and partnerships with international oil entities.

The MoU underscores a collaborative approach to modernizing refinery infrastructure, with a focus on technical and consultancy services. This strategic partnership is poised to drive advancements in refinery technology and operational management for PRL and its partners.