National Refinery Limited Corporate Briefing Session Presentation 2026

Key takeaways

• Crude oil refining capacity stands at 70,000 barrels per day, equivalent to 23.1 million barrels per annum or 2.3 MTA.
• Major shareholders include Pakistan Oilfields Limited at 25%, Attock Refinery Limited at 25%, and Islamic Development Bank at 15%.
• The long-term credit rating of the company is AA.
• First eight months of the year exhibited depressed margins, followed by unprecedented disruptions in March 2026 due to the US-Iran war and the closure of the Strait of Hormuz.
• Crude oil prices peaked at approximately USD 167 per barrel in March 2026, and freight and war risk insurance premiums increased nearly 10-fold.
• Credit line requirements to retire letters of credit spiked from Rs 50 billion to Rs 150 billion within a short span during the March 2026 crisis.
• The company recorded a net realizable value (NRV) loss of Rs 7 billion on year-end inventory due to sharp price drops following a mid-June ceasefire.
• Gross refinery margins improved to USD 11.95 per barrel for Jul 25 - Jun 26 compared to USD 3.63 per barrel in the previous corresponding period.
• Capacity utilization increased to 69% for Jul 25 - Jun 26 from 56% in Jul 24 - Jun 25.
• Earnings per share turned positive to Rs 77.09 for Jul 25 - Jun 26 compared to a loss of Rs 185.91 per share in Jul 24 - Jun 25.
• Profit after tax stood at Rs 6.2 billion for Jul 25 - Jun 26 compared to a net loss of Rs 14.9 billion in Jul 24 - Jun 25.
• High Speed Diesel production increased by 29% to 888k metric tons for Jul 25 - Jun 26.
• Mogas 92/95 RON production increased by 35% to 283k metric tons, and LBOs production increased by 29% to 143k metric tons.
• The Government of Pakistan approved the amended Brownfield Policy in August 2026.
• An upgrade agreement has been duly executed with Inter State Gas Systems (Pvt) Ltd under the Brownfield Refining Policy.
• M/S WOOD has been engaged as a technical consultant for the upgrade projects' feasibility study, expected to be completed by June 2027.
• Future outlook includes focusing on HSE, plant reliability, higher throughput, increasing HSD and LBO production, and exploring crude procurement through the non-GCC region.