PSO keen to acquire Shell stake in PRL

Pakistan State Oil (PSO), the country’s largest oil marketing company, has shown its intention to acquire Shell International Petroleum Co. Ltd.’s (Shell) 30% shareholding in Pakistan Refinery Ltd. (PRL). Sources said that PSO currently owns 18 of PRL. The shares of other stakeholders will remain as follows: Caltex – 12%, National Bank of Pakistan – 8%, National Investment Trust – 6% and individual shareholders – 26%. “Due to circular debt issue, PSO is facing problems in fuel supplies and after acquiring more shares in PRL, it would be secure in getting petroleum products,” sources said. PRL is a hydro skimming refinery in Karachi, with a capacity of processing 47, 000 barrels per day of crude oil. (July 1, 2010)