Pakistan Refinery Limited redeems TFC II | Nov-13; PACRA withdraws Instrument Ratings.
|Issuer||Pakistan Refinery Limited|
|Amount||PKR 536 mln|
|Rating Type||Debt Instrument|
Pakistan Refinery Limited issued Term Finance Certificate (TFC II), carrying a fixed profit rate of 10.75%, had a tenor of 5 years. The instrument was due for the final redemption in Dec-18, has been fully redeemed. Thus, PACRA withdraws the debt instrument rating of 'A' assigned to TFC II | Nov-13, with immediate effect.
Pakistan Refinery Limited is a public company incorporated in Pakistan in 1960. PRL’s refinery is situated at Korangi, while it has a Tank terminal to store products at the Keamari terminal. Pakistan Refinery Limited (PRL), having refinery capacity of 2.1mln tons per annum, came fully online in Oct’62. PRL, a hydroskimming refinery, designed to process various imported and local crude oil to meet the strategic and domestic fuel requirements of the country. Majority shareholding in PRL is held by Pakistan State Oil Company Limited (~53%), HASCOL (~15%), and Individuals (~20%).