{{Short description|Oil refinery in Pakistan}} {{Use Pakistani English|date=October 2017}} {{Use dmy dates|date=October 2017}} {{Infobox company | name = Attock Refinery Limited | traded_as = {{karse|ATRL}} <br /> KSE 100 component <br /> KSE 30 component | logo = Attock Refinery Limited logo (2024).png | type = Public | founder = | area_served = Pakistan | key_people = {{ubl|Adil Khattak (CEO)|Laith G. Pharaon (Chairman)}} | industry = Oil refining | products = | foundation = {{Start date and age|1922}} | location = Rawalpindi, Punjab, Pakistan | revenue = {{Decrease}} {{PKRConvert|301.329|b}} | revenue_year = 2025 | operating_income = {{Decrease}} {{PKRConvert|19.050|b}} | income_year = 2025 | net_income = {{Decrease}} {{PKRConvert|11.972|b}} | net_income_year = 2025 | assets = {{Increase}} {{PKRConvert|67.115|b}} | assets_year = 2025 | equity = {{Increase}} {{PKRConvert|143.667|b}} | equity_year = 2025 | num_employees = 847 | num_employees_year = 2025 | owner = Attock Oil Company (61.06%) | parent = Attock Oil Company | subsid = Attock Gen Limited (30%) <br /> National Refinery Limited (25%) <br /> Attock Petroleum Limited (21.88%) <br /> Attock IT Services Limited (10%) | website = {{URL|arl.com.pk}} | footnotes = Financials {{as of|2025|6|30|lc=y}} <ref name="AR2025">{{cite web|title=Attock Refinery Limited Annual Report 2025|url=https://www.arl.com.pk/wp-content/uploads/ARL_Annual_25.pdf |access-date=7 October 2025}}</ref> }} '''Attock Refinery Limited''' ({{IPA|ur|a.ˈʈʌk rɪˈfaɪn.ər.i}} {{respell|ah|TUCK}}) is a Pakistani oil refinery headquartered in Rawalpindi. It is a subsidiary of UK-domiciled Attock Oil Company. It is the oldest oil refinery of Pakistan.<ref name="dawn">{{Cite web|url=https://www.dawn.com/news/1249763|title=Oldest refinery in midst of upgradation|first=Dilawar|last=Hussain|date=4 April 2016|website=DAWN.COM}}</ref>

It is listed on Pakistan Stock Exchange.<ref>{{cite news|url=https://www.reuters.com/article/idUSL4N2BO4RF |title=Pakistan's Attock refinery says will close in a week unless demand rises |newspaper=Reuters.com |author=Syed Raza Hassan|date=31 March 2020|accessdate=15 September 2020}}</ref>

==History== === 1922–1978: Early years and operations under Attock Oil Company === Attock Refinery's history dates back to the early 20th century when British companies became interested in oil exploration in the Attock District of Punjab, then part of British India.<ref name="casestudy">{{Cite journal|url=https://www.worldscientific.com/doi/abs/10.1142/S0218927506000740|title=Attock Refinery Upgradation Project|first1=Ahmed|last1=Nawaz Tariq|first2=Arif|last2=Iqbal Rana|date=26 June 2006|journal=Asian Case Research Journal|volume=10|issue=1|pages=77–101|via=CrossRef|doi=10.1142/S0218927506000740|url-access=subscription}}</ref> In December 1913, a group of British investors established the Attock Oil Company with an initial investment of £25,000.<ref name="casestudy"/><ref name="auto">{{Cite web|url=https://www.independenturdu.com/node/179273|title=اٹک کے تیل کی حیرت انگیز کہانی|date=4 April 2025|website=Independent Urdu}}</ref>

In January 1915, Attock Oil commenced drilling operations which led to the discovery of oil at shallow depths.<ref name="casestudy"/> Progress was interrupted by World War I; however, following the war, the company began constructing an oil refinery at Morgah, which was connected to the oilfields through a pipeline. The refinery commenced operations in March 1922 with an initial capacity of 2,500 barrels per day.<ref name="casestudy"/><ref name="auto"/> Its oil reserves were depleted faster than expected which led to operational challenges.<ref name="casestudy"/> In 1937, with support of the government it made another new discovery of oil reserves in Attock region, which led to the expansion of refinery.<ref name="casestudy"/><ref name="auto"/>

=== 1978–present: Attock Refinery Limited === In November 1978, the Attock Oil Company was reorganized following an agreement with the Government of Pakistan.<ref name="casestudy"/> The reorganization included a revision of its capital structure, which led to the incorporation of Attock Refinery Limited as a private limited company in 1978.<ref name="dawn"/><ref name="casestudy"/> The initial paid-up capital of the new company was PKR 80 million, subscribed by Attock Oil Company, the Government of Pakistan, and the general public.<ref name="casestudy"/> In June 1979, Attock Refinery was listed on the Karachi Stock Exchange.<ref name="dawn"/><ref name="casestudy"/>

During this period, Attock Refinery maintained its aging equipment in good working condition through established maintenance practices.<ref name="casestudy"/> Despite this, the anticipated increase in locally sourced crude oil necessitated a substantial expansion of the refinery, as also stipulated under an existing agreement with the Government of Pakistan.<ref name="casestudy"/>

In 1980, Attock Refinery initiated its first major expansion project since 1937 and established a project management cell for this purpose.<ref name="casestudy"/> In March 1980, a 5,000-barrel per day refining unit was installed, followed by the addition of a 20,000 bpd unit in February 1981.<ref name="casestudy"/> These upgrades increased the refinery’s total processing capacity to 30,500 bpd.<ref name="casestudy"/>

In the early 1990s, Attock Refinery faced operational constraints due to its capacity to process only light crude, which yields higher proportions of gasoline and kerosene, in contrast to heavy crude oil that contains higher residual content.<ref name="casestudy"/> Additionally, the refinery's gasoline production, with a lead content of 0.42 grams per liter and an octane rating of 80, did not comply with the newly introduced National Environmental Quality Standards that required lower lead levels in motor gasoline.<ref name="casestudy"/> To address these challenges, as well as the anticipated shortage of suitable crude supply, the company sought to enhance its capability to produce 87-octane gasoline.<ref name="casestudy"/>

In March 1994, the Government of Pakistan introduced the Petroleum Policy, which removed profit caps for refineries undertaking expansion and development. Prior to this policy, the oil refining industry in Pakistan was highly regulated, guaranteeing a minimum net after-tax return of 10 percent on issued capital while taxing returns exceeding 40 percent. In response to the revised policy framework, Attock Refinery initiated the Refinery Upgradation and Expansion (ARU) Project.<ref name="casestudy"/> Subsequently, Hagler Bailey was commissioned to conduct a feasibility study, including sensitivity analyses assessing the impact of different crude oil types on project viability. The study confirmed the project's feasibility under varying conditions, which lead the Board of Directors to approve the ARU Project by the end of 1994.<ref name="casestudy"/> The ARU project comprised two key components: the installation of a catalytic reformer unit to produce 87 octane gasoline with a reduced lead content of 0.35 grams per liter, and the replacement of the outdated 5,500-bpd heavy crude unit with a new, more efficient 10,000-bpd unit.<ref name="casestudy"/>

In January 2003, the Government of Pakistan sold its 35 percent stake in Attock Refinery to general public for PKR 102 per share.<ref>{{Cite web |title=Privatised Transactions From 1991 to January 2024 |url=https://privatisation.gov.pk/Detail/NTU0ZjE1NGQtNmYzNC00NWZjLWIxZTEtYWMzMzliYzFhNzk4 |access-date=October 29, 2024 |website=privatisation.gov.pk}}</ref><ref>{{cite web | url=https://www.upstreamonline.com/weekly/pakistan-puts-sell-off-drive-into-first-gear/1-1-907951 | title=Pakistan puts sell-off drive into first gear | date=28 August 1999 }}</ref>

==Products== * Liquefied petroleum gas (LPG) * Unleaded premium motor gasoline * Mineral turpentine * Kerosene oil * High speed diesel * Jet petroleum * Petroleum solvents * Light diesel oil * Furnace fuel oil * Paving grade asphalts

==Subsidiary== *National Refinery Limited (25%)<ref name="nrl">{{Cite web|url=http://www.nrlpak.com/PatternofShareholding.aspx|title=- National Refinery Limited|website=www.nrlpak.com}}</ref>

==See also== {{Portal|Pakistan|Energy}} * Attock Group of Companies * Karak Oil Refinery

==References== {{reflist}}

==External links== * [http://www.arl.com.pk/ Attock Refinery Limited]

{{KSE 100}} {{KSE 30}}

{{DEFAULTSORT:Attock Refinery}} Category:1922 establishments in British India Category:Pakistani companies established in 1978 Category:1970s initial public offerings Category:Companies listed on the Pakistan Stock Exchange Category:Companies in the KSE 100 Index Category:Oil refineries in Pakistan Category:Pakistani subsidiaries of foreign companies Category:Companies based in Rawalpindi