National Refinery Limited (NRL) is an oil refinery based in Korangi area of in Karachi, Sindh, Pakistan. National Refinery is a petroleum refinery and petrochemical complex engaged in the manufacture and supplies of asphalts, BTX, fuel products and lubes for domestic consumption and export. NRL stands to be the second largest refinery of Pakistan in term of crude oil processing facility and the only lube oil refinery of the country.
The company operates within fuel and lube business segments. Fuel segment is primarily a diverse supplier of fuel products offering furnace oil, high speed diesel (HSD), jet fuels, liquefied petroleum gas, motor gasoline, and it exports naphtha. Lube segment mainly provides different types of lube base oils, asphalts, some fuel products, waxes and rubber process oil, while it also exports lube base oils.
NRL is listed in Karachi, Lahore and Islamabad stock exchanges and the company's shares are traded under the stock code NRL in these exchanges.
The company was incorporated in 1963 and first lube refinery was constructed in June 1966. Hydroskimming fuel refinery was commissioned in April 1977 and its capacity was increased in 1985. BTX (petrochemical) plant was constructed in April 1979 which was the first petrochemical unit of the country. Second lube refinery was constructed in February 1992. Since then various up gradations and revamps of the refinery have been made. In 2005, the company was privatized and Attock group acquired 51% share holding of National Refinery.
The company's major purchases are made from Saudi Aramco with a history of no default up to the financial year ending 30 June 2011. Crude oil is also received on regular basis from the oil and exploration companies in Pakistan during the fiscal year 2010–2011. All payments to the suppliers were made on due dates and timely payments are received from the customers except Pakistan State Oil where an amount of PKR 9393 million is outstanding on account of circular debt. The Government of Pakistan (GoP) has taken steps to resolve the issue of circular debt, however, the issue with respect to the company could not be resolved during the financial year 2010–2011.