Islamabad: Attock Refinery Limited (ARL) has announced a significant development in its effort to enhance its refinery operations. In a disclosure mandated by the Pakistan Stock Exchange (PSX) and the Securities Act, 2015, ARL revealed the signing of an agreement with STP Studi Technologie Progetti S.p.A. of Italy for Front End Engineering Design (FEED) and Project Management Consultancy (PMC) services. The agreement marks a major step in ARL's strategic initiative aimed at value addition and environmentally sustainable production.

On September 25, ARL completed the Licensor FEED studies necessary for integrating a Continuous Catalyst Regeneration (CCR) Unit and revamping its Diesel Hydro Desulfurization Unit. These enhancements are part of a larger Upgradation Project, which is projected to cost up to $600 million.

According to information available from the Pakistan Stock Exchange (PSX), this development is expected to propel ARL's capabilities, aligning with its goal of achieving higher efficiency and compliance with environmental standards. The agreement with the Italian engineering company underscores ARL's commitment to modernizing its infrastructure and expanding its operational efficiency.

The signing of the agreement has been communicated to the TRE Certificate Holders of the Exchange, in compliance with regulatory requirements. This move is anticipated to result in a Big move for ARL, potentially influencing market dynamics and investor interests in the designated market category.