External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Energy / Thematic (Sector/Industry)

<ul><li>The Government has notified amendments to the Pakistan Oil Refining Policy 2023 (Brownfield Refinery Upgradation).</li><li>The amendments address the issues that had stalled execution of Upgrade Agreements (UAs) after the Finance Act 2024 moved major petroleum products from the zero-rated to the exempt sales tax regime, which disallowed input tax claims for refineries.</li><li>We view the notification of the amended policy as positive for listed refineries, particularly PRL, NRL and ATRL, as it materially improves the visibility of long-delayed upgrade projects.</li></ul>

The Government has notified amendments to the Pakistan Oil Refining Policy 2023 (Brownfield Refinery Upgradation).The amendments address the issues that had stalled execution of Upgrade Agreements (UAs) after the Finance Act 2024 moved major petroleum products from the zero-rated to the exempt sales tax regime, which disallowed input tax claims for refineries.We view the notification of the amended policy as positive for listed refineries, particularly PRL, NRL and ATRL, as it materially improves the visibility of long-delayed upgrade projects.

Pakistan Refinery - Ministry Has Notified Amended Refining Policy; What has Changed?, Next Milestone: Signing by Refineries