Karachi: Pakistan Refinery Limited (PRL) has announced that it is currently evaluating bids for its Refinery Expansion & Upgrade Project (REUP), a significant development in the local energy sector. This information was disclosed in accordance with the requirements set forth by the Securities Act of 2015 and the regulations of the Pakistan Stock Exchange Limited.

PRL, a key player in the country's refinery market, has received Engineering, Procurement, Construction & Finance (EPCF) bids for the REUP. The project represents a crucial step in the company's efforts to enhance its refining capacity and modernize its facilities. The expansion is expected to play a vital role in meeting the growing energy demands of the nation.

According to information available from the Pakistan Stock Exchange (PSX), PRL is in the process of meticulously evaluating the EPCF bids. The company has assured stakeholders that further updates on the project's progress will be provided as necessary.

The disclosure of this material information aligns with Sections 96 and 131 of the Securities Act of 2015, along with Clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited. The enclosed disclosure form, as required under SRO 143(I)2012 dated December 5, 2012, has been submitted to the TRE Certificate Holders of the Exchange.

This development signals a significant milestone in PRL's strategic efforts to expand and upgrade its operations, highlighting the ongoing transformation within the country's refining sector.