National Refinery Limited
New CUIN Registration number 0001747 NTN-No 0711325-7
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With immense pleasure it is to inform that NRL Diesel Hydro Desulphurization (DHDS) and Auxiliary Units have successfully commenced operations. Completion of DHDS has enabled the Refinery to comply with Government directives to produce High Speed Diesel (HSD) meeting low Sulphur (500 ppm) Euro-II specifications. The plant has a potential to reduce Sulphur content to a value as low as 10 pm.
Naphtha Isomerization (ISOM) Unit is in start-up phase where its Auxiliary Units (Naphtha Splitter and Naphtha Hydrotreater) have already been commissioned and the Refinery will produce additional Motor Gasoline by mid of July 2017.
The Board of Directors in its meeting held today, April 17, 2017 noted that the revamp of crude distillation column has been successfully completed. As a result, the crude oil processing capacity has been enhanced by 3000 barrels per day increasing the overall designed capacity from 62,000 barrels per day to 65,000 barrels per day.
The Board also noted that projects of Diesel Desulphurization and Naphtha Isomerization are progressing smoothly. Most of the construction and installation work has been completed and the pre-commissioning activities are underway. Mechanical completion of these projects has been slightly delayed by six weeks due to various reasons; however, the company endeavors to complete these projects before June 30, 2017.
The Company has reduced its Projects financing facility with consortium of banks from Rs. 24.2 billion to Rs. 12.1 billion as most of the project is financed by company’s own resources.
Dividend Warrants in respect of NRL Final Cash Dividend (D-69) for the year ended June 30, 2016 at the rate of Rs. 20/- per ordinary share of Rs. 10/- each i.e. 200%, have been dispatched through registered post or courier service to all the entitled shareholders on October 26, 2016. If the above dividend warrants are not received within a reasonable time, please contact our Share Registrar THK Associates (Pvt.) Limited, Second Floor, State Life Building-3, Dr. Ziauddin Ahmed Road, Karachi through Telephone No. 021-111-000-322 and Fax No. 021-35655595.
The shareholders in the Annual General Meeting held on September 26, 2016 has approved transmission of Audited Financial Statements, auditors' report and directors' report etc. (i.e., Annual Report) in soft form i.e., through CD/DVD/USB as allowed by the Securities and Exchange Commission of Pakistan (SECP) through S.R.O. 470(I)2016 dated 21-05-2016. However, those members/shareholders of the Company who desire to opt for transmission of annual report in printed hard copy form may send their request providing requisite information in the prescribed form as available on the website under 'investor's information' section.
The Annual General Meeting of National Refinery Limited is scheduled to be held on September 26, 2016 at 1500 hours at Marriott Hotel, Karachi.
The Board of Directors of the Company in its meeting held on August 15, 2016 has recommended for final cash dividend @ Rs.20/= per share i.e., 200% for the year ended June 30, 2016
National Refinery Limited (NRL) has achieved the financial close of the financing arrangements for Rs.24.2 billion in connection with NRL Up-gradation Project, which comprises of Diesel Hydro Desulphurisation (DHDS) and Isomerisation (ISOM) Projects and auxiliary units, with consortium of local banks that includes United Bank Limited as the Agent and Habib Bank Limited as the Trustee.
In relation to NRL Up-gradation Project i.e., Diesel Hydro Desulphurisation (DHDS) and Isomerisation (ISOM) Projects, the Board of Directors of the Company has approved signing of Supply and Construction Agreements with Hualu Engineering & Technology Co., Ltd. (CNCEC-HUALU) and China National Chemical Engineering No.7 Construction Company Limited respectively.