Islamabad, Oct 18: PRL Denies $1 Billion Investment Deal with Chinese Firm
Media allegations that Pakistan Refinery Limited (PSX: PRL) made a commitment to any Chinese entity have been refuted.
Citing allegations on Wednesday that it had obtained a $1 billion investment from a Chinese investment business, PRL stated, “News clipping dated October 17, 2024, has not been released by us, nor have we entered into any such commitments with any Chinese company.”
“We have previously informed PSX about our senior management’s visit to China to meet with potential EPC Contractors and financial institutions, as well as the strong desire of Chinese companies to work with us on our project,” the letter continued, referring to its previous dated May 22, 2024.
Producing and marketing petroleum products is the company’s business. The Pakistan State Oil Company Limited (PSO) is the parent company.
Its share price on the exchange was Rs. 25.5 at the time of reporting, down 3.59 percent or Rs. 0.95 with more than 8 million shares on Friday.
