The Board of Directors of Pakistan Refinery Limited (PSX: PRL) has approved the acquisition of a loan facility amounting to Rs. 3.15 billion from Pakistan State Oil Company Limited (PSX: PSO).
PRL said in a stock filing on Wednesday that the facility will finance the company’s front-end engineering design (FEED) of the refinery expansion and upgrade project (REUP).
This loan has an option of conversion into equity, which will be subject to all requisite corporate and regulatory approvals that may be required then, the filing added.