KARACHI: Pakistan Refinery Ltd notified the inventory trade on Wednesday that attributable to heavy rains in Karachi on Aug 25, the water washed away a portion of the Piles Bridge carrying the intracity oil pipelines which join Keamari Terminal to the Refinery at Korangi Creek for transportation of crude oil and merchandise.
“The incident resulted in severely damaging the aforesaid oil pipelines,” the corporate noticed. It added that entry to the location was tough however the scenario was being assessed so the magnitude of harm may very well be ascertained “enabling us to take required measures regarding safety and continuity of refinery operation in the present situation, which may include [their] temporary shutdown.”
After completion of evaluation, PRL mentioned it could be capable to estimate the time interval for restoring the oil pipelines and the identical can be communicated to the trade.
The refinery often retains 7-12 days of inventory in line with administration sources, and product can transfer by way of tanker from the refinery gate.
Retaining the refinery operational for just a few extra days is feasible, but when the scenario drags out longer then halting manufacturing could turn into needed, in line with some sources within the administration.
The refinery has three pipelines that join it to terminals and a berth in Keamari. One pipeline carries crude from the port to the refinery in Korangi. One other carries white oil (diesel and petrol) to terminals in Keamari belonging to the oil advertising and marketing firms, and the third is the furnace oil pipeline which additionally has its terminus in Keamari. All of those have been constructed within the early 1960s.
“Once rains stop in the catchment area of Malir nadi then the waters will recede,” a supply tells Daybreak. A full injury evaluation can’t be accomplished till then.
PRL on Aug 20 reported a lack of Rs7.59 billion for the yr ended June 30, translating right into a loss per share at Rs17.74, worsening by 30.4pc from lack of Rs5.82bn and LPS Rs13.68 in FY19.
The board didn’t declare a dividend. Income from contracts with prospects plunged by 21.8pc to Rs90.5bn, from Rs115.7bn leading to gross lack of Rs4.37bn, up from Rs3.17bn.
Together with the figures, PRL supplied “Extracts from the Notes to the financial statements for the year ended June 30” which referred to the premise of preparation of the accounts. It acknowledged that as of June 30, the corporate had amassed losses of Rs18.36bn and the present liabilities exceeded present belongings by Rs16.84bn.
PRL ended the yr with internet detrimental money and money equivalents amounting to Rs10.19bn. The board of administrators mentioned that with a view to handle the detrimental fairness and liquidity points, the corporate had made a proper challenge of 1 share for each one share held amounting to Rs3.15bn, which was absolutely subscribed.
On Wednesday, the inventory in PRL was the best traded scrip among the many prime ten quantity leaders on the market; it recorded turnover of 49m shares. The share closed on the worth of Rs18.34.
Printed in Daybreak, August 27th, 2020