National Refinery Limited

The company is actively engaged in plans for putting up an Isomerization unit for M.S. and a Desulphurisation Plant for HSD to produce the environment friendly products. Self Power Generation project of 7.5 MW electricity is nearing completion. On commissioning, it will ensure power supply for one of NRL's units, while a 4 MW Diesel Generator has already completed and started power supply. The company is also installing additional tankage of 45,000 tons Crude Oil inventory level upto 22 days. The project is expected to be completed by March 1999. The company made an investment of Rs.689.63 million on Energy Conservation Projects during the last five years.

The supplies of Arabian Light Crude Oil were received from Saudi Aramco under the annual contract. The Crude Oil throughput for the year was 2.766 million tons including 662,611 tons from the indigenous sources. The aggregate production of finished products was 2.634 million tons.

Sales during the year ending June 30, 1997 stood at Rs.20,997.03 million as compared to RS.16,739.20 million in the preceding year, showing a rise of 25.44 per cent. The sales included export of 83,920 metric tons Naphtha for Rs.655.00 million. Pretax Profit during the same period stood at Rs.774.31 million as compared to Rs.466.28 million despite increase in Crude Oil prices by 40 per cent against increase of 29 per cent in CIF prices of products. Similarly, the increase in profits is also attributed to better prices of Lube Base Oils. Earning per share worked out to RS.6.84 in 1997, while Price Earning (PE) ratio at the market price of Rs.23.00 on March 11, worked out to 3:1.

Incorporated on August 19, 1963, the company's refinery is located at Korangi, Karachi. This is the second refinery established in Karachi and one of the largest refinery of the country. The refinery came on stream on August 27, 1968 and had an initial capacity for processing 539,700 metric tons of Crude oil which has been enhanced to 2,710,500 tons after addition of a Fuel [TABULAR DATA OMITTED] Refinery, Lube Refinery and various Revamps. The refinery was taken over by the Government in January 1972 under Economic Reform Order. The Authorized capital of the company is Rs.1000.00 million divided into ordinary shares of Rs.10 each, against which the Paid-up capital stood at Rs.666.39 million. The company was listed on Karachi Stock Exchange in 1970. The Paid-up capital of the company remained unchanged.