Karachi: Pakistan Refinery Limited has announced the signing of an Upgrade Agreement with the Government of Pakistan, facilitated by Inter State Gas Systems (Private) Limited. The accord, finalized on September 24, 2026, received approval from the Economic Coordination Committee (ECC) of the Cabinet under the Pakistan Oil Refining Policy for Upgrade of Existing/Brownfield Refineries, 2023, which saw amendments in August 2026.

The Lahore-based company disclosed this significant development in compliance with Section 96 and 131 of the Securities Act, 2015, and Clause 5.6.1(a) of the Rule Book of Pakistan Stock Exchange Limited. This move aligns with its commitment to modernize its refinery operations in accordance with the objectives set out in the revised policy.

According to information available from the Pakistan Stock Exchange (PSX), Pakistan Refinery Limited has expressed its gratitude towards the Government of Pakistan for the continued support and initiatives directed at enhancing the refining sector within the country. The statement emphasized the company's dedication to upgrading its existing infrastructure.

The official disclosure form, annexed as required under SRO 143(I) 2012 and in accordance with the Securities Act, 2015, has been duly signed on behalf of Pakistan Refinery Limited by the authorized signatory, ensuring transparency and public accessibility to this price-sensitive information. The company has urged the TRE Certificate Holders of the Exchange to disseminate the information accordingly.