Islamabad: As demand of petroleum products dips, National Refinery Limited (NRL) on Thursday announced to close down.
In a notification issued to stock market, NRL said: In accordance accordance with Section 96 of the Securities Act, 2015 and Clause 5,6.1(a) of PSX Regulations, we hereby convey the following information:
In view of the decision of provincial government’s for lockdown to curtail the outbreak of corona virus resulting in extremely low demand for petroleum products, the company has decided to temporarily close down all of its production with effect from 25th March 2020 as it carries sufficient inventories to meet the current requirements.
The decision will also help in reduction of exposure of its employees to the pandemic. The situation will he reviewed during first week of April 2020 for restart of refinery. You may please inform the THE Certificate Holders of the Exchange accordingly, NRL added.