National Refinery Limited (NRL) has raised Rs. 10 billion through its first-ever Sukuk issuance, marking the refinery’s entry into Pakistan’s corporate debt market.
In a notice submitted to the Pakistan Stock Exchange (PSX), NRL announced the issuance of a rated, unsecured, privately placed short-term Sukuk with a six-month maturity period.
The Islamic debt instrument carries a pricing structure of three-month KIBOR minus 10 basis points annually and has received an A1 rating from Pakistan Credit Rating Agency (PACRA).
The company stated that proceeds from the Sukuk will be utilized to support its working capital requirements, providing NRL with an additional financing avenue beyond traditional sources.
This marks the first time NRL has accessed Pakistan’s capital market debt segment through a Sukuk issuance.
Established in 1963, National Refinery Limited is one of Pakistan’s oldest operating refineries. Headquartered in Karachi, the company became part of the Attock Group following its privatization in 2005.
NRL operates Pakistan’s only lube oil refinery and is among the country’s major refining and petrochemical complexes, producing petroleum products including fuels, lubricants, asphalt, and petrochemicals for the domestic market.
