KARACHI: Pakistan State Oil (PSO), the largest oil marketing company of the country, has finally decided on Wednesday not to go through with 30 percent acquisition of Pakistan Refinery Limited (PRL).
The decision was taken due to prevailing problems being faced by the energy sector mainly the circular debt issue, which does not allow the company to opt for the biggest deal, the company's financial adviser BMA Capital said in a statement issued on Wednesday.
"The Board of Directors didn't find this deal lucrative as it was an old refinery and required a lot of money to refurbish the refinery", said by senior PSO official.
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