Pakistan Projects Stopped Due to Dollar Shortage in 2023
Lack of US dollars has prevented Pakistan Refinery Limited (PRL) from paying Wood Group UK Limited on time, which has halted the expansion project (Wood).
The refinery expansion and upgrade project (REUP) for which Wood was to receive $25 million, was meant to be funded by a national daily but the payment could not be completed for several months due to a paucity of currency in the nation.
After the local business deposits the money in the bank, the contract is registered with the central bank for payment to a foreign company and the payment is now made through the central bank.
Dollar shortfall is to blame for the UK contractor’s front-end engineering design (FEED) payment delay. The payment delay to PRL’s UK contractor has also been verified by management. According to PRL’s CEO Zahid Mir, there is a delay in contract payment, which he verified to a national daily.
He also added that efforts to resolve the issue were underway as the contractor was in contact with the Pakistan Government through the British High Commission in Pakistan. He hoped that the situation would be resolved soon.
In order to pursuing an energy plan the nation’s reliance on imported petroleum products and preserve the country’s priceless foreign exchange reserves, Pakistan has been following an energy plan in which domestic refineries are urged to increase and develop their capacities for processing crude.
As a result, the progress that is highlighted would reinforce and expand the synergies between Pakistan State Oil (PSO) and PRL. By lowering imports, the project would also benefit the nation’s balance of payments. The capacity of PRL’s refinery will be improved from hydro skimming to deep conversion, and its daily capacity for processing oil will increase from 50,000 to 100,000 barrels.
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