Pakistan Refinery Limited (PRL) has officially denied recent media claims of entering into a $1 billion investment agreement with a Chinese company.

In a statement addressing the reports from October 17, 2024, PRL clarified, “The news clipping has not been released by us, and we have not entered into any such commitments with any Chinese company.” This statement was issued in response to reports suggesting that PRL had secured a substantial investment from a Chinese investment firm.

PRL also referred to a previous communication from May 22, 2024, in which it informed the PSX about its senior management’s visit to China. The purpose of the visit was to engage with potential Engineering, Procurement, and Construction (EPC) contractors and financial institutions, highlighting the interest of Chinese companies in collaborating on PRL’s projects.

The company, a subsidiary of Pakistan State Oil Company Limited (PSO), is involved in the production and sale of petroleum products.

As of the latest trading session, PRL’s stock was priced at Rs. 25.5, marking a decrease of 3.59 percent or Rs. 0.95, with over 8 million shares traded on Friday.