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NATIONAL REFINERY LIMITED |
Introduction:
National Refinery Limited (NRL) was incorporated as a public limited
company at Karachi in 1963. Government of Pakistan took over the
management of NRL under the Economic Reforms Order, 1972. Presently NRL
is under the Ministry of Petroleum and Natural Resources, which is
exercising control through its shareholding in State Petroleum Refining
and Petrochemical Corporation (PERAC).
NRL is a petroleum refining and petrochemical complex producing a wide
range of fuels, Lube Base Oils, BTX (petrochemicals), Asphalts and
specialty products for domestic consumption and export. It is located on
a plot comprising 263 acres in the Korangi Industrial Area of Karachi.
NRL Capacity:
The company’s plants have a fuel refining capacity of 2,710,500 tonnes
per annum (tpa) of crude oil, two lube refineries with a combined
designed capacity of 176,200 tpa of lube base oils (LBO) and a BTX unit
with a designed capacity of 25,000 tpa. NRL enjoys a competitive edge as
it is the only refinery producing LBO in Pakistan. Details of the
different plants are given below.
First Lube Refinery: Designed and constructed by SNAM PROGETTI of Italy
with a capacity to process 539,700 tpa of crude oil and to produce
76,200 tpa of LBO was commissioned in June 1966. This refinery also
produces fuels, asphalt and speciality oils.
Hydroskimming Fuel Refinery: Designed and constructed by Industrial
Export Import (EIE) of Romania with a capacity to process 1,500,000 tpa
of crude oil was commissioned in April 1977. Its capacity was increased
to 2,170,800 tpa in February 1990. The fuel products consist of LPG,
motor gasoline, kerosene, jet fuels, diesel and furnace oil.
Second Lube Refinery: Designed by CE Lummus of UK and constructed by
Industrial Export Import (EIE) of Romania was commissioned in January
1985. It has a designed capacity of 100,000 tpa of LBO and 110,000 tpa
of asphalt.
BTX (petrochemical) Plant: Designed and constructed by Nordon et Cie of
France with a capacity to produce 25,000 tpa of BTX was commissioned in
April 1979. It was the country’s first petrochemical unit. This plant
produces Benzene, Toluene and Xylene for the specialty chemicals market.
Toluene is also used in NRL’s own dewaxing units.
NRL’s gross storage capacity, both at the refinery site in Korangi and
at Keamari harbour, comprises about 163,000 tonnes (20 days) for crude
and 90,000 tonnes for petroleum products. The petroleum products are
pumped from NRL storage tanks to oil marketing company (OMC) terminals
or to Karachi airport by pipelines. Other products such as Lube base
oils, asphalt, chemicals (BTX) are transported through truck lorries.
Expansion of Facilities:
To meet the growing demand of LBO a Lube Refinery Revamp Project has
been undertaken with the technical assistance of Exxon Mobil. On
completion of the project, expected in June 2004, the production
capacity of the second lube refinery will be enhanced by 14,800 tpa,
thus bringing the combined designed capacity of the two lube refineries
to 191,000 tpa. The entire increase in capacity is dedicated to the
production of high viscosity bright stock (BS HVI) grade of lube oil.
Estimated cost of the project is Rs. 962 million.
Recently, National Refinery has completed its project of Self-Power
Generation. Self-Power Generation plant has a 7.5 MW steam
turbo-generator and a 4.0 MW Diesel-Fuel Oil Engine Power Generator.
The self-power generation is meant for continuous uninterrupted power
supply and to avoid plant shut-down and production loss due to power
break- down. A Private Company Annoud Power Generation Company Limited (APGL)]
is the primary source of power supply to NRL.
To overcome the shortage of water, particularly in summer months, NRL is
in the process of putting up a reverse osmosis plant which will treat
sub-soil water and make it useable for industrial purposes. This project
is expected to be completed in the first quarter of 2004. Estimated cost
of the project is Rs. 52.3 million.
Enjoinment and Energy Conservation:
NRL has a well-defined Environmental Policy which plays a key role in
its decision making process to ensure compliance with relevant laws (NEQS)
and to achieve continuous improvement.
NRL achieved a landmark by acquiring ISO – 14001 and OHSAS 18001
certifications. This success exhibits NRL employees commitment towards
HSE policy by implementing Environmental Management System and
Occupational Health and safety Management system.
Information Technology:
The company has a strong information technology capability.
Computerized instrumentation and auto-tank gauging are being applied.
The technical staff use a variety of computer software for process
design, performance monitoring, simulation and engineering design.
Software for different technical projects, shipping and excise and
warehouse functions is being developed in-house. The financial and
accounting data resides in a computer based system, the management
information system is able to produce reports and data on a timely
basis.
NRL is implementing an Enterprise Resource planning (ERP) solution, SAP.
The implementation of ERP solution in Financial, Maintenance, Inventory
and Human Resources modules will enhance planning, operational and
reporting efficiencies.Financial Information:
Details of the financial performance of the company are given in the
following table:
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FY 2003 |
FY 2002 |
FY 2001 |
FY 2000 |
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Earning |
Per Share of Rs.10 |
20.29 |
11.72 |
11.64 |
10.61 |
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Dividend |
Per Share of Rs.10 |
10.00 |
6.00 |
5.00 |
4.50 |
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Break-up Value |
Per Share of Rs.10 |
56.47 |
48.17 |
42.46 |
35.82 |
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Market Value of
Share |
Per Share of Rs.10 |
99.00 |
56.00 |
39.00 |
42.70 |
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Paid-up capital |
Rs. In Million |
666 |
666 |
666 |
666 |
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Reserves |
Rs. In Million |
3,230 |
2,544 |
2,163 |
1,720 |
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Shareholders Equity
(Capital + Reserves) |
Rs. In Million |
3,896 |
3,210 |
2,829 |
2,387 |
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Return on Capital |
% |
202.87 |
117.17 |
116.4 |
106.05 |
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Net Sales |
Rs. In Million |
36,077 |
29.762 |
34.331 |
29.628 |
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Gross Profit |
Rs. In Million |
2,082 |
1,562 |
1,273 |
1,253 |
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Gross Profit to
Shareholders Equity |
% |
53.54 |
48.66 |
45.00 |
52.49 |
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Operating Profit |
Rs. In Million |
1,574 |
1017 |
945 |
950 |
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Profit Before Tax (PBT) |
Rs. In Million |
1,838 |
1,293 |
1,116 |
1,093 |
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PBT to Shareholders
Equity |
% |
47.17 |
40.28 |
39.45 |
45.79 |
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Profit after Tax |
Rs. In Million |
1,352 |
781 |
776 |
707 |
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Current Assets |
Rs. In Million |
10,800 |
11,197 |
15,071 |
12,946 |
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Current Liabilities |
Rs. In Million |
8,545 |
9,466 |
13,789 |
11,997 |
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Current Ratio |
Standard |
1.26 |
1:1.18 |
1:1.10 |
1:1.08 |
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Net Fixed Assets |
Rs. In Million |
1,337 |
1,402 |
1,358 |
1,005 |
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Fixed Assets Turn
Over Ratio |
Times |
26.97 |
21.23 |
25.28 |
29.49 |
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Inventory Turn Ratio |
Times |
12.88 |
9.09 |
11.25 |
11.03 |
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Total Asset Turn
Over Ratio |
Times |
2.87 |
2.32 |
2.06 |
2.03 |
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Long Term Debt :
Equity |
Proportion |
00:100 |
00:100 |
00:100 |
04:96 |
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