Karachi: Pakistan Refinery Limited (PRL) has addressed recent media speculation regarding a substantial investment by Pakistan State Oil (PSO) in its Refinery Expansion and Upgrade Project (REUP), labeling the information as premature. Reports had suggested that PSO was considering an investment between USD 1.5 to 2 billion, funded through debt.

According to information available from the Pakistan Stock Exchange (PSX), PRL clarified that while discussions are ongoing, no definitive agreements or decisions have been reached regarding the potential investment. The company emphasized its commitment to transparency, noting that it will inform the PSX and stakeholders about any material developments in relation to the REUP.

This announcement follows a query from the PSX prompted by the publication of details in the press, which raised expectations and questions among investors. PRL's response aims to temper speculation and reassure the market that any future updates on this significant investment will be disclosed in accordance with regulatory requirements.

The involvement of PSO, if confirmed, would mark a significant step in the expansion and modernization of PRL's facilities, but as it stands, the company urges caution in response to unconfirmed reports.