NRL - 999 - 50 N - S 230731 - Fj1Sr2, A1,2,3

Valuation Report
National Refinery Ltd
Location [a] Korangi Refinery, Karachi, Pakistan

[b] Keamari Terminal, Karachi Port, Pakistan
[c] Keamari-Korangi Pipeline, Karachi, Pakistan
Requested by National Refinery Ltd, Pakistan
Report ref 999_50204116_19180502 | NRVI, RCN, RCNLD

Dated 31 July 2023
Prepared by Joseph Lobo (Pvt) Ltd, Pakistan
Eng Bakhat Ali Naper

Engineering Joseph Lobo (Pvt) Ltd
Eng Salman Haider

Yusuf Dossa
Engineering Valuation Risk Joseph Lobo (Pvt) Ltd
Ref 999.50204116.19180502 | 31 July 2023 | Pg/ 1 of 7.
▬ ►
Valuation Report
(Issued Without Prejudice)
At the request of National Refinery Ltd [NRL], we have performed a desktop analysis of the assets of NRL in order to assess
their New Replacement Value Insurance [NRVI], Replacement Cost New [RCN] & Replacement Cost New Less
Depreciation [RCNLD] as of 30-Jun-2023, for the purpose of insurance & internal accounting. The report of our findings is
provided as follows.
Survey requested by National Refinery Ltd [NRL]
7-B, Korangi Industrial Area, Karachi-74900, Pakistan.
Subject NRL plant: Fixed assets including main refinery modules, pipelines, storage tanks, building
structures, ancillary plant & machinery, office equipment, furniture & misc fixtures, as per lists
provided by NRL & reference to the reports by Joseph Lobo (Pvt) Ltd [JLL]: [a] # 185391 Nrl -
999_50 N_S = 200531_Sr5-5 dated 31-May-2020, [b] # 185391C Nrl - 999_50 N_S = 200805_Sr3
dated 05-Aug-2020, [c] 198354 Nrl - 999_50N_S = 220719_Sr1 dated 19-Jul-2022.
Asset location [a] NRL Refinery Complex: 7-B, Korangi Industrial Area, Karachi.
[b] NRL Keamari Terminal: Keamari, Karachi.
[c] NRL Keamari-Korangi Pipeline, Karachi.
Dates of Survey Multiple visits to the NRL plant: 29-Apr-2020 to 15-Jul-2022.
Persons liaised with [a] Mr Amar Feroz (AF): Manager Legal, NRL-Korangi [NRL-K1]; [b] Mr Muhammad Ayaz (MA):
Management Exec in charge Ins, Legal & Corp Affairs, NRL-K1.
0100 Preamble
0101 National Refinery Ltd [NRL] was incorporated in 1963 as public limited company. From 1972 management of NRL
was placed under the Govt of Pakistan [GoP] Ministry of Production [MoP] & the State Petroleum Refining &
Petrochemical Corp [PERAC]. This continued till 1998 when the administrative control was transferred to the
Ministry of Petroleum & Natural Resources [MPNR]. Privatized in 2005 through competitive bidding, 51% of the
equity & management control was acquired by Attock Oil Group including Attock Refinery Ltd [ARL], Pakistan
Oilfields Ltd [POL] & Attock Petroleum Ltd [APL].
0102 Major production-related milestones from inception are listed as under:
Year-of-Commissioning Description-1 Description-2 Capacity
Incremental
Upgrades bpd
0102.1 1966 Lube refinery unit-1 Crude oil processing 10,895

Lube oil 1,461
0102.2 1977 Fuel refinery unit-1 Crude oil processing 31,192
0102.3 1979 BTX unit Benzene / Toluene / Xylene 493
0102.4 1985 Lube refinery unit-2 Lube oil 1,918
0102.5 1990 Fuel refinery unit-1 Revamp-1 14,014
0102.6 2007 Lube refinery unit-2 Revamp-1 288
0102.8 2017 Naphtha block Naphtha-splitter, -hydrotreater, Penex, flare-unit, etc 6,793
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0102.9 2017 Diesel block DHDS & HPU 29,765

0102.10 2017 Sulfur block Sulfur recovery & amine treatment [mt/d] 38
0102.11 2019 Fuel refinery unit-1 Air pre-heater
0102.12 Lube refinery unit-1 turnaround completed 2020
0102.13 Lube refinery unit-1 / CDU revamp [+4,950bpd] scheduled 2020
0102.14 Lube refinery unit-1 / VDU revamp [+1,400bpd] scheduled 2020
0102.15 Distributed Control System [DCS] for Fuel refinery unit-1 & Utilities completed 2020
0102.16 Sea water RO plant completed 2020
0103 NRL’s current product range includes petrol / motor-gasoline, various grades of lube base oil, kerosene, JP-1 &
JP-8 aviation fuel, Euro-II spec HSD, LPG, furnace oil, Naphtha, BTX, sulfur, asphalt, bitumen, & other specialty
formulations.
▲ NRL | Main Korangi Plant | satellite view: Alt 821m Image Credits: Google Earth
0104 The Pakistan Credit Rating Agency [PACRA] current rating for NRL are: [a] Long-term AA+ [maintained since the
last 6x years] & [b] Short-term A1+ [maintained since the last 15x years].
0105 Turnover from 2018 through to 2022 was PKR 136, 160, 125, 139 & 251 billion respectively.
0200 Scope of Assessment

0201 Derivation of New Replacement Value for the listed fixed assets of NRL as of 30-Jun-2023.
0202 The selected assets included:
0202.1 Primary mechanical assets including: atmospheric & vacuum distillation, catalytic reformer, merox-,
amine-, sulfur-recovery, Penex-, Btx-, asphalt-, flaring-units & other typical fuel & lube refinery
modules.
0202.2 Direct process & secondary ancillaries including: valves, pumps, power generation units, cooling
towers, workshop equipment.
0202.3 Plant control equipment including DCS.
0202.4 Instrumentation for all above mechanical & electrical systems.
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0202.5 Storage tanks for: main-stream refinery products, LPG & Propane, water, compressed air, process
gases, etc.
▲ NRL | Keamari Terminal | satellite view: Alt 782m Image Credits: Google Earth
0202.6 Main process, secondary & tertiary pipelines & piping.

0202.7 Power & control cabling, misc wiring.
0202.8 Buildings, foundations, diking, trenches, paving, boundary walls, towers, reservoirs & other structures.
0203 The analysis was based upon NRV / PMV projections & recasting of the following reports by Joseph Lobo (Pvt) Ltd
[JLL]:
0203.1 # 185391 Nrl - 999_50 N_S = 200531_Sr5-5 dated 31-May-2020 [attached as Annexure-01A].
0203.2 # 185391C Nrl - 999_50 N_S = 200805_Sr3 dated 05-Jul-2020 [attached as Annexure-01B].
0203.3 # 198354 Nrl - 999_50N_S = 220719_Sr2 dated 19-Jul-2022 [attached as Annexure-01C].
0204 A
0300 Definitions
0301 New Replacement Value for Insurance [NRVI] is the estimated cost of replacing the existing subject asset with an
unused substitute of identical or equivalent asset of like kind, quality, equal utility & output/capacity/specifications,
having zero wear-&-tear, using current standards of materials & design, as with the New Replacement Value [NRV],
but with additional attendant stand-alone & adjacent module dismantling, debris removal & reinstatement costs
included.
0302 Present Market Value [PMV] also termed as Fair Market Value is the estimated value of a tangible asset, in its
current state, as-is-where-is, in an unrestricted market, founded on market information, extrapolation &/or
precedent, based on what an informed, willing, & unpressured buyer without any obligation would likely arrive at &
agree with a similarly knowledgeable, willing, unpressured & unobligated seller in the market, with neither party
under any compulsion to buy or sell. The assessed PMV apply to a degree & form of deployment related to identical
utilization &/or project requirement. Any deviations with respect to differing utility will entail adjustments or an
entirely revised appraisal.
0303 Modern Equivalent Asset [MEA] value is the estimated net capital cost of replacing an existing asset with a
technically up-to-date new asset with the same or equivalent productive capacity, capability, utility &
output/capacity/specifications using modern materials, later technology / design, production processes &
substantially different instrumentation. This approach recognizes that the modern substitute for an existing asset
may be markedly altered with respect to capital cost, operating costs, efficiencies & output. Where the modern
equivalent asset has a significantly different service potential from the original asset, the MEA is adjusted to account
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for that difference in the service potential. MEA value is often utilized for insurance purposes where replacements
or directly comparable substitutes for older operating but often obsolete and/or significantly modified or custom-
built assets are unavailable or no longer in production in their original form.
▲ NRL pipeline | NRL plant to NRL Keamari Terminal | Alt 12,860m Image Credits: Google Earth
0304 Replacement Cost New [RCN] [or New Replacement Value [NRV]] is the estimated cost of replacing the existing
subject asset with an unused substitute of identical or equivalent asset of like kind, quality, equal utility &
output/capacity/specifications, having zero wear-&-tear, using current standards of materials & design, & with no
deduction for depreciation.
0305 Replacement Cost New Less Depreciation [RCNLD] is derived by adjusting RCN to represent the loss in value due
to the inevitable physical deterioration &/or functional obsolescence of the asset [over its operational life], which
results in the value of RCN less depreciation. Additional adjustments may be made if necessary, for loss in value
due to technical &/or economic obsolescence to arrive at the final value for the RCNLD.
0306 Asset Original Cost [AOC] [or Acquisition & Production Cost [APC] / Original Acquisition Value [OAV]] is the total
cost associated with the purchase [production] of an asset at the original date of purchase. The original cost of
asset takes into account all costs that can be attributed to its purchase & putting the asset to use. These costs
include factors such as purchase price, import Duties & levies, commissions, transportation & all logistical
expenses, appraisals, warranties & installation / erection & commissioning charges.
0400 Valuation parameters

0401 The valuation included a physical walk-thru survey & assessment of the following plant assets:
0401.1 Mechanical assets [incl storage tanks / vessels (HSD, water & other), pumps (booster, main line, booster,
oily, raw & fire water), oily water separation, closed drain, foam distribution, power generation units,
pigging (barrel, launch / receive stations, all associated piping, manual / motorized valves, etc),
workshop & ancillary equipment].
0401.2 Instrumentation for all above mechanical systems.
0401.3 Electrical equipment [incl switch yards, HV / LV systems, distribution transformers, switch boards,
distribution boards, UPS & DC power supply systems, pump motors, etc].
0401.4 DCS & other control & communication systems, PLCs, workstations, LAN hardware, scheduling &
process simulators, remote terminal hardware for block valves & other stations.
0401.5 Telecom systems [incl VHF / UHF / PA / SDH & primary multiplexer equipment, fiber optic systems
(cabling, patch panel, modems & converters), network management, pabx hardware, hotlines, rf paging
& power supplies, etc].
0401.6 Pipeline [existing NRL-supplied wall gauging assessment, random length, block valve assemblies, &
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other dedicated equipment].

0401.7 NRL terminology was used as far as possible to avoid issues in comparative analysis at their end.
0402 The assessment incorporates a multiple approach to achieve the most broad-based derivation. The methodologies
employed include stand-alone itemized NRV derivations based on worldwide procurement of materials & services,
coupled with a parallel NRV derivation using complete & partial project statistical, & trend-derived refinery
construction costs from similar projects & locations over several decades, for comprehensive & comparative
appraisal.
0403 In order to accurately represent actual partial property loss claims, the assessed values represent an estimate of
the contract value for rebuilding section-wise stand-alone basis modules under reimbursable contracts on standard
schedules & separate & entirely independent sections [as opposed to one-time complete project quotations].
0404 NRV-2023 of assets from the 3x above-mentioned JL reports were used for the revised & updated NRVI, RCN &
RCNLD derivations which was then used as a comparative basis, with work-back / work-forward using the following
factors for assets of older or later YoM (year-of-manufacture) &/or of an independently commissioned design
nature:
0404.1 Buildings & simple civil structures were assessed on a direct cost-based NRV derivation.
0404.2 Scaling & equivalence factors were applied to normalize production / output capacities, dimensions, dry
weight for asset values of slightly differing specs & enable proper comparative analyses.
0404.3 Assets were re-grouped in accordance with specific machinery classes to enable more accurate itemized
NRV-PMV / PMV-NRV derivations.
0404.4 Straight-line depreciation was applied on an asset class basis adjusted & categorized to reflect residual
value, operational life, Mean-Time-Between-Failure (MTBF) trends, & cyclical utility patterns [where
applicable].
0404.5 1st order derivatives for the host-country &/or supplier-country Producer Price Index (PPI) & Consumer
Price Index (CPI) were applied on an asset-class sector-wise basis as applicable, using the weighted
arithmetic mean of 15x typical; supplier countries. Overall inflationary impact was taken as 79.48% of
gross.
0404.6 The impact of lapsed-period exchange-differential was applied for all imported assets. USD was used
as the primary denominations wherever possible. Exchange rates on the basis of the annual mean were
utilized for each year till 2021. The USD - PKR exchange rate on 30-Jun-2023 [287.109002] was applied
for the year 2023. 2nd order derivatives for overall exchange impact were taken as 96.20% of gross.
0404.7 The relevant obsolescence factors were applied selectively to equipment, components, electro-
mechanical machinery & ancillaries where the base process, display technology &/or instrumentation
has undergone significant change in core &/or display technology, & where primary functions are
dependent on installed microprocessors, IC-modules & logic controllers.
0404.8 Initial import, logistical & installation costs were factored into the values.
0404.9 Expenses with respect to capitalized revamps & modifications were included, with their impact on the
capacity outputs, efficiencies & operational lives of the target assets also applied & assessments made
accordingly.
0404.10 Routine turnaround, overhaul &/or major refit individual expenses were excluded. Their impact on the
operational lives of the target assets however, was accounted for, as & where relevant.
0405 The geometric & modal mean of the results derived from the above-mentioned approaches were then used to
obtain the final required values.
0500 Assessment Summary
0501 Zone-wise:
Asset Group NRVI Sub-Total USD NRVI Sub-Total PKR
[USD / PKR: figures rounded up to nearest 10 / 1,000]
0501.1 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 1,594,576,470 457,817,277,000

Pipelines-1 + Tanks-1 + Power & Cabling-1 + Build-1 +
Lab, IT, etc]
0501.2 DHDS + PENEX + SRU + Utilities-2 [+ Korangi-2 683,381,540 196,204,999,000
Common Eqp +Ancillaries, etc]
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0501.3 Keamari Terminal [+ Power & Cabling-2 + Build- Keamari 108,223,590 31,071,968,000
2, etc]
0501.4 Total NRVI - USD / PKR 2,386,181,600 685,094,244,000
Asset Group RCN Sub-Total USD RCN Sub-Total PKR

[USD / PKR: figures rounded up to nearest 1,000 / 10,000]

Lab, IT, etc]
2, etc]
0501.8 Total RCN - USD / PKR 1,999,137,320 573,970,348,000
Asset Group RCNLD Sub-Total USD RCNLD Sub-Total PKR

0501.9 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 206,293,200 59,228,654,000

Lab, IT, etc]
2, etc]
0501.12 Total RCNLD - USD / PKR 469,261,240 134,729,154,000
0600 Notes | Valuer’s Remarks

0601 It must be understood & appreciated that contrary to an entire project being implemented & commissioned as a
single work-order & undertaking, the subject NRV-2023 comparative plant basis estimation for each main individual
module of the project has been made treating construction / erection / installation / commissioning for the various
components of the project being treated as single, independent jobs, to be implemented, progressed, & concluded
as complete, stand-alone contracts, as would be the base scenario for probable losses & insurance claims [PML
level & below] in real terms, where only a few individual sections, modules &/or components of the entire project
are affected at any given time, & not the entire project.
0602 These insurance-focused costs will always be substantially higher than the scales-of-economy achievable for a
one-time implementation of an identical project, & several factors greater than the original project costs. The
derived NRV-2023 reflects this reality.
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0700 Annexure Summary

0701 Annexure-01 JLL report# 198354 Nrl - 999_50N_S = 220719_Sr1 dated 19-Jul-2022.
0702 Annexure-02 Module-wise breakup & segregation / USD.
0703 Annexure-03 Module-wise breakup & segregation / PKR.
The above valuation was carefully carried out to the best of our ability & our responsibility is limited to an exercise of reasonable care. This report represents our findings on the date & at the
place stated & is issued without prejudice to the rights of whomsoever concerned. It does not intend to relieve any party from its legal &/or contractual obligations. All relating documents that
were provided to us will be preserved for 03 years from this day. Neither the whole nor any part of the report nor any reference thereto may be included in any published document or statement
nor published in any way without our written approval of the form & context in which it will appear.
Eng Bakhat Ali Naper Eng Salman Haider Yusuf Dossa

Engineering Engineering Engineering Valuation Risk
Joseph Lobo are a professional firm of licensed Surveyors & Valuers, enlisted by
the Pakistan Banks Association as class-A Valuers with no limit on the Asset value.
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Valuation Report
National Refinery Ltd
Location [a] Korangi Refinery, Karachi, Pakistan

[b] Keamari Terminal, Karachi Port, Pakistan
Requested by National Refinery Ltd, Pakistan
Report ref 999_50198354_19180502 | NRV, CN, RCNLD

Dated 19 July 2022
Prepared by Joseph Lobo (Pvt) Ltd, Pakistan
Eng Bakhat Ali Naper

Eng Syed Baqir Tirmizi

Yusuf Dossa
Engineering Valuation Risk Joseph Lobo (Pvt) Ltd
Ref 999.50198354.19180502 | 19 July 2022 | Pg/ 1 of 6.
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Valuation Report
(Issued Without Prejudice)
At the request of National Refinery Ltd [NRL], we have performed a desktop analysis of the assets of NRL in order to assess
their New Replacement Value [NRV], Replacement Cost New [RCN] & Replacement Cost New Less Depreciation [RCNLD]
as of 30-Jun-2022, for the purpose of insurance & internal accounting. The report of our findings is provided as follows.
Survey requested by National Refinery Ltd [NRL]
7-B, Korangi Industrial Area, Karachi-74900, Pakistan.
Subject NRL plant: Fixed assets including main refinery modules, pipelines, storage tanks, building
structures, ancillary plant & machinery, office equipment, furniture & misc fixtures, as per lists
provided by NRL & reference to the reports by Joseph Lobo (Pvt) Ltd [JLL], # 185391 Nrl - 999_50
N_S = 200531_Sr5-5 dated 31-May-2020, & # 185391C Nrl - 999_50 N_S = 200805_Sr3 dated
05-Jul-2020.
Asset location [a] NRL Refinery Complex: 7-B, Korangi Industrial Area, Karachi.
[b] NRL Keamari Terminal: Keamari, Karachi.
Dates of Survey Multiple visits to the NRL plant: 29-Apr-2020 to 21-May-2020.
Persons liaised with [a] Mr Amar Feroz (AF): Manager Legal, NRL-Korangi [NRL-K1]; [b] Mr Muhammad Ayaz (MA):
Management Exec in charge Ins, Legal & Corp Affairs, NRL-K1.
0100 Preamble
0101 National Refinery Ltd [NRL] was incorporated in 1963 as public limited company. From 1972 management of NRL
was placed under the Govt of Pakistan [GoP] Ministry of Production [MoP] & the State Petroleum Refining &
Petrochemical Corp [PERAC]. This continued till 1998 when the administrative control was transferred to the
Ministry of Petroleum & Natural Resources [MPNR]. Privatized in 2005 through competitive bidding, 51% of the
equity & management control was acquired by Attock Oil Group including Attock Refinery Ltd [ARL], Pakistan
Oilfields Ltd [POL] & Attock Petroleum Ltd [APL].
0102 Major production-related milestones from inception are listed as under:
Year-of-Commissioning Description-1 Description-2 Capacity
Incremental
Upgrades bpd
0102.1 1966 Lube refinery unit-1 Crude oil processing 10,895

Lube oil 1,461
0102.2 1977 Fuel refinery unit-1 Crude oil processing 31,192
0102.3 1979 BTX unit Benzene / Toluene / Xylene 493
0102.4 1985 Lube refinery unit-2 Lube oil 1,918
0102.6 2007 Lube refinery unit-2 Revamp-1 288
0102.8 2017 Naphtha block Naphtha-splitter, -hydrotreater, Penex, flare-unit, etc 6,793
0102.9 2017 Diesel block DHDS & HPU 29,765
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0102.10 2017 Sulfur block Sulfur recovery & amine treatment [mt/d] 38
0102.11 2019 Fuel refinery unit-1 Air pre-heater
0102.12 Lube refinery unit-1 turnaround completed 2020
0102.13 Lube refinery unit-1 / CDU revamp [+4,950bpd] scheduled 2020
0102.14 Lube refinery unit-1 / VDU revamp [+1,400bpd] scheduled 2020
0102.15 Distributed Control System [DCS] for Fuel refinery unit-1 & Utilities completed 2020
0102.16 Sea water RO plant completed 2020
0103 NRL’s current product range includes petrol / motor-gasoline, various grades of lube base oil, kerosene, JP-1 &
JP-8 aviation fuel, Euro-II spec HSD, LPG, furnace oil, Naphtha, BTX, sulfur, asphalt, bitumen, & other specialty
formulations.
▲ NRL | Main Korangi Plant | satellite view: Alt 821m Image Credits: Google Earth
0104 The Pakistan Credit Rating Agency [PACRA] current rating for NRL are: [a] Long-term AA+ [maintained since the
last 6x years] & [b] Short-term A1+ [maintained since the last 15x years].
0105 Turnover for 2019 was PKR 160 billion, up from 136 billion of the preceding year.
0200 Scope of Assessment

0201 Derivation of New Replacement Value for the listed fixed assets of NRL as of 30-Jun-2020.
0202 The selected assets included:
0202.1 Primary mechanical assets including: atmospheric & vacuum distillation, catalytic reformer, merox-,
amine-, sulfur-recovery, Penex-, Btx-, asphalt-, flaring-units & other typical fuel & lube refinery
modules.
0202.2 Direct process & secondary ancillaries including: valves, pumps, power generation units, cooling
towers, workshop equipment.
0202.3 Plant control equipment including DCS.
0202.4 Instrumentation for all above mechanical & electrical systems.
0202.5 Storage tanks for: main-stream refinery products, LPG & Propane, water, compressed air, process
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gases, etc.
▲ NRL | Keamari Terminal | satellite view: Alt 782m Image Credits: Google Earth
0202.6 Main process, secondary & tertiary pipelines & piping.

0202.7 Power & control cabling, misc wiring.
0202.8 Buildings, foundations, diking, trenches, paving, boundary walls, towers, reservoirs & other structures.
0203 The analysis was based upon NRV / PMV projections & recasting of the following reports by Joseph Lobo (Pvt) Ltd
[JLL]:
0203.1 # 185391 Nrl - 999_50 N_S = 200531_Sr5-5 dated 31-May-2020 [attached as Annexure-01].
0203.2 # 185391C Nrl - 999_50 N_S = 200805_Sr3 dated 05-Jul-2020 [attached as Annexure-02].
0204 A
0300 Definitions
0301 New Replacement Value for Insurance [NRVI] is the estimated cost of replacing the existing subject asset with an
unused substitute of identical or equivalent asset of like kind, quality, equal utility & output/capacity/specifications,
having zero wear-&-tear, using current standards of materials & design, as with the New Replacement Value [NRV],
but with additional attendant stand-alone & adjacent module dismantling, debris removal & reinstatement costs
included.
0302 Present Market Value [PMV] also termed as Fair Market Value is the estimated value of a tangible asset, in its
current state, as-is-where-is, in an unrestricted market, founded on market information, extrapolation &/or
precedent, based on what an informed, willing, & unpressured buyer without any obligation would likely arrive at &
agree with a similarly knowledgeable, willing, unpressured & unobligated seller in the market, with neither party
under any compulsion to buy or sell. The assessed PMV apply to a degree & form of deployment related to identical
utilization &/or project requirement. Any deviations with respect to differing utility will entail adjustments or an
entirely revised appraisal.
0303 Modern Equivalent Asset [MEA] value is the estimated net capital cost of replacing an existing asset with a
technically up-to-date new asset with the same or equivalent productive capacity, capability, utility &
output/capacity/specifications using modern materials, later technology / design, production processes &
substantially different instrumentation. This approach recognizes that the modern substitute for an existing asset
may be markedly altered with respect to capital cost, operating costs, efficiencies & output. Where the modern
equivalent asset has a significantly different service potential from the original asset, the MEA is adjusted to account
for that difference in the service potential. MEA value is often utilized for insurance purposes where replacements
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or directly comparable substitutes for older operating but often obsolete and/or significantly modified or custom-
built assets are unavailable or no longer in production in their original form.
0304 Replacement Cost New [RCN] [or New Replacement Value [NRV]] is the estimated cost of replacing the existing
subject asset with an unused substitute of identical or equivalent asset of like kind, quality, equal utility &
output/capacity/specifications, having zero wear-&-tear, using current standards of materials & design, & with no
deduction for depreciation.
0305 Replacement Cost New Less Depreciation [RCNLD] is derived by adjusting RCN to represent the loss in value due
to the inevitable physical deterioration &/or functional obsolescence of the asset [over its operational life], which
results in the value of RCN less depreciation. Additional adjustments may be made if necessary, for loss in value
due to technical &/or economic obsolescence to arrive at the final value for the RCNLD.
0306 Asset Original Cost [AOC] [or Acquisition & Production Cost [APC] / Original Acquisition Value [OAV]] is the total
cost associated with the purchase [production] of an asset at the original date of purchase. The original cost of
asset takes into account all costs that can be attributed to its purchase & putting the asset to use. These costs
include factors such as purchase price, import Duties & levies, commissions, transportation & all logistical
expenses, appraisals, warranties & installation / erection & commissioning charges.
0400 Valuation parameters

0401 The valuation included a physical walk-thru survey & assessment of the following plant assets:
0401.1 Mechanical assets [incl storage tanks / vessels (HSD, water & other), pumps (booster, main line, booster,
oily, raw & fire water), oily water separation, closed drain, foam distribution, power generation units,
pigging (barrel, launch / receive stations, all associated piping, manual / motorized valves, etc),
workshop & ancillary equipment].
0401.2 Instrumentation for all above mechanical systems.
0401.3 Electrical equipment [incl switch yards, HV / LV systems, distribution transformers, switch boards,
distribution boards, UPS & DC power supply systems, pump motors, etc].
0401.4 DCS & other control & communication systems, PLCs, workstations, LAN hardware, scheduling &
process simulators, remote terminal hardware for block valves & other stations.
0401.5 Telecom systems [incl VHF / UHF / PA / SDH & primary multiplexer equipment, fiber optic systems
(cabling, patch panel, modems & converters), network management, pabx hardware, hotlines, rf paging
& power supplies, etc].
0401.6 Pipeline [existing NRL-supplied wall gauging assessment, random length, block valve assemblies, &
other dedicated equipment].
0401.7 NRL terminology was used as far as possible to avoid issues in comparative analysis at their end.
0402 The assessment incorporates a multiple approach to achieve the most broad-based derivation. The methodologies
employed include stand-alone itemized NRV derivations based on worldwide procurement of materials & services,
coupled with a parallel NRV derivation using complete & partial project statistical, & trend-derived refinery
construction costs from similar projects & locations over several decades, for comprehensive & comparative
appraisal.
0403 In order to accurately represent actual partial property loss claims, the assessed values represent an estimate of
the contract value for rebuilding section-wise stand-alone basis modules under reimbursable contracts on standard
schedules & separate & entirely independent sections [as opposed to one-time complete project quotations].
0404 NRV-2020 of assets from the 2x above-mentioned JL reports were used for the revised & updated NRVI, RCN &
RCNLD derivations which was then used as a comparative basis, with work-back / work-forward using the following
factors for assets of older or later YoM (year-of-manufacture) &/or of an independently commissioned design
nature:
0404.1 Buildings & simple civil structures were assessed on a direct cost-based NRV derivation.
0404.2 Scaling & equivalence factors were applied to normalize production / output capacities, dimensions, dry
weight for asset values of slightly differing specs & enable proper comparative analyses.
0404.3 Assets were re-grouped in accordance with specific machinery classes to enable more accurate itemized
NRV-PMV / PMV-NRV derivations.
0404.4 Straight-line depreciation was applied on an asset class basis adjusted & categorized to reflect residual
value, operational life, Mean-Time-Between-Failure (MTBF) trends, & cyclical utility patterns [where
applicable].
0404.5 1st order derivatives for the host-country &/or supplier-country Producer Price Index (PPI) & Consumer
Price Index (CPI) were applied on an asset-class sector-wise basis as applicable, using the weighted
arithmetic mean of 15x typical; supplier countries. Overall inflationary impact was taken as 100% of
198354 Nrl - 999_50N_S = 220719_Sr1

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gross.
0404.6 Lapsed-period exchange-differential impact was applied for imported assets. USD was used as the
primary denominations wherever possible. Exchange rates on the basis of the annual mean were utilized
for each year till 2021. The USD - PKR exchange rate on 30-Jun-2022 [205.175192] was applied for the
year 2022. 1st order derivatives for overall exchange impact were taken as 86.24% of gross.
0404.7 The relevant obsolescence factors were applied selectively to equipment, components, electro-
mechanical machinery & ancillaries where the base technology &/or instrumentation has undergone
significant change in core &/or display technology, & including assets where primary functions are
dependent on installed microprocessors, IC-modules & logic controllers.
0404.8 Initial import, logistical & installation costs were factored into the values.
0404.9 Expenses with respect to capitalized revamps & modifications were included, with their impact on the
capacity outputs, efficiencies & operational lives of the target assets applied & assessments made
accordingly.
0404.10 Routine turnaround, overhaul &/or major refit individual expenses were excluded. Their impact on the
operational lives of the target assets however, was accounted for, as & where relevant.
0405 The geometric & modal mean of the results derived from the above-mentioned approaches were then used to
obtain the final required values.
0500 Assessment Summary

0501 Zone-wise:
Asset Group NRVI Sub-Total USD NRVI Sub-Total PKR

Lab, IT, etc]
0501.3 Keamari Terminal [+ Power & Cabling-2 + Build-2, Keamari 98,748,000 20,260,650,000
etc]
0501.4 Total NRVI - USD / PKR 2,182,512,000 447,797,580,000
Asset Group RCN Sub-Total USD RCN Sub-Total PKR


Lab, IT, etc]
0501.6 DHDS + PENEX + SRU + Utilities-2 + Korangi-2 564,843,000 115,891,840,000
Common Eqp +Ancillaries, etc
etc]
0501.8 Total RCN - USD / PKR 1,822,653,000 373,963,480,000
Asset Group RCNLD Sub-Total USD RCNLD Sub-Total PKR

0501.9 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 204,524,000 41,963,450,000

Pipelines-1 + Tanks-1 + Power & Cabling-1 + Build-1 + Lab,
IT, etc]
0501.10 DHDS + PENEX + SRU + Utilities-2 + Korangi-2 230,663,000 47,326,390,000
Common Eqp +Ancillaries, etc
198354 Nrl - 999_50N_S = 220719_Sr1

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etc]
0501.12 Total RCNLD - USD / PKR 467,648,000 95,950,050,000
0600 Notes | Valuer’s Remarks

0601 It must be appreciated that the subject NRV-2022 assessment for insurance purposes has been made on the basis
of construction for each section being treated as a single, independent project, to be implemented, progressed, &
concluded as a complete, single, stand-alone contract, as would be the scenario for an insurance claim in real
terms. These costs differ very substantially from the original project costs & scales-of-economy.
0602 In the event of a typical loss scenario, only a fractional section of the project & its associated equipment would
conceivably be affected, the repair &/or replacement &/or reinstatement costs of which would be significantly higher
than that reflected in a standard total project cost-related valuation. The derived NRV-2022 reflects this reality.
0700 Annexure Summary

0701 Annexure-01 JLL report# 185391 Nrl - 999_50 N_S = 200531_Sr5-5, dated 31-May-2020.
0702 Annexure-02 JLL report# 185391C Nrl - 999_50 N_S = 200805_Sr3, dated 05-Jul-2020.
0703 Annexure-03 Module-wise breakup & segregation / USD.
0704 Annexure-04 Module-wise breakup & segregation / PKR.
The above valuation was carefully carried out to the best of our ability & our responsibility is limited to an exercise of reasonable care. This report represents our findings on the date & at the
place stated & is issued without prejudice to the rights of whomsoever concerned. It does not intend to relieve any party from its legal &/or contractual obligations. All relating documents that
were provided to us will be preserved for 03 years from this day. Neither the whole nor any part of the report nor any reference thereto may be included in any published document or statement
nor published in any way without our written approval of the form & context in which it will appear.
Eng Daniyal Abbas Rizvi Eng Bakhat Ali Naper Yusuf Dossa
Engineering Engineering Engineering Valuation Risk
Joseph Lobo are a professional firm of licensed Surveyors & Valuers, enlisted by
the Pakistan Banks Association as class-A Valuers with no limit on the Asset value.
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National Refinery Ltd Annexure 03
Korangi, Karachi
Plant, Buildings, Ancillaries | NRVI / RCN / RCNLD | Module-wise Breakup

As of 30-Jun-2022 NRL: Korangi, Keamari
Sr# 1 Sr# 2 NRL Unit# Asset Group / Module NRVI sub-total USD RCN sub-total USD RCNLD sub-total USD
FUEL REFINERY, INCLUDING:‐
1 1 101 CRUDE DISTILLATION 103,407,000 86,011,000 7,249,000
2 2 102 HYDROBOND UNIT 21,020,000 17,984,000 1,734,000
3 3 103 PLATFORMING UNIT 48,703,000 41,255,000 3,953,000
4 4 106 LPG MEROX 2,457,000 2,068,000 202,000
5 5 107 NAPHTHA MEROX UNIT 6,107,000 4,956,000 519,000
6 6 108 KEROSENE MEROX UNIT 19,139,000 15,903,000 1,601,000
7 7 119 CAUSTIC SODA FARM 542,000 441,000 20,000
8 8 120 PROPANE RECOVERY UNIT 3,135,000 2,553,000 152,000
9 9 122 ETHYLIZING AND ADDITIVES BLENDING UNIT 275,000 232,000 10,000
10 10 117 REFINERY GAS COMPRESSOR WITH 1,097,000 937,000 44,000

EQUIPMENT AND AUXILIARIES
11 11 18 BENZENE TOULENE XYLENE UNIT 12,242,000 10,017,000 398,000
SUB‐TOTAL FUEL REFINERY 218,124,000 182,357,000 15,882,000
LUBE PLANT I
LUBE PLANT I, INCLUDING:‐
12 1 TWO‐STAGE DISTILLATION UNIT (ATMOS 46,793,000 39,290,000 982,000

SECTION)
1
13 2 TWO‐STAGE DISTILLATION UNIT (VACUUM 28,567,000 23,187,000 588,000
SECTION)
14 3 12 PROPANE DE-ASPHALTING UNIT 34,632,000 29,522,000 470,000
15 4 13 FURFURAL EXTRACTION UNIT 39,088,000 33,015,000 128,000
16 5 14 MEK DE-WAXING UNIT 88,719,000 74,293,000 329,000
17 6 16 HYDRO FINISHING UNIT & HYDRO 17,328,000 14,382,000 250,000

GENERATOR
SUB‐TOTAL LUBE PLANT I 255,127,000 213,689,000 2,747,000
LUBE PLANT II
LUBE PLANT II, INCLUDING:‐
18 1 201 VACUUM DISTILLATION UNIT 51,623,000 43,280,000 6,277,000
19 2 212 PROPANE DE‐ASHPHALTING UNIT 84,128,000 68,340,000 9,803,000
20 3 213 FURURAL EXTRACTION UNIT 67,337,000 56,522,000 3,397,000
21 4 214 NITROGEN UNIT 366,000 301,000 20,000
22 5 214 MEK DE-WAXING UNIT 159,036,000 135,781,000 18,252,000
SUB‐TOTAL LUBE PLANT II 362,490,000 304,224,000 37,749,000
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UTILITIES
UTILITIES-1 (FUEL, LUBE PLANT & OLD RELATED ANCILLARIES), INCLUDING:‐
23 1 POWER STATION & ASSOCIATED ASSETS 31,744,000 26,314,000 4,953,000
24 2 HV ELECTRICAL SYSTEM THROUGHOUT SITE 24,356,000 20,842,000 4,797,000

AND OUTSIDE PRODUCTION UNITS
25 3 BOILERS, STEAM & CONDENSATE 38,670,000 32,259,000 7,686,000
INSTALLATIONS
26 4 FUEL OIL AND FUEL GAS SYSTEMS 4,956,000 4,106,000 1,018,000
27 5 PLANT AND INSTRUMENTATION AIR SYSTEMS 3,245,000 2,736,000 484,000
28 6 WTP, WWTP, EFFLUENT, SEWER SYSTEM 56,906,000 48,137,000 10,130,000

AND API SEWER NETWORK ETC.
29 7 FIRE FIGHTING SYSTEM ‐ REFINERY 6,101,000 5,190,000 925,000
SUB‐TOTAL UTILITIES 165,978,000 139,584,000 29,993,000
OFFSITES
OFFSITES (STORAGE TANKS-1 & PIPELINE), INCLUDING:‐
30 1 STORAGE TANKS, PUMPING, LOADING & 289,211,000 236,714,000 100,628,000

PIPELINES ETC.
31 2 LPG AND PROPANE VESSELS AREA OF 3,776,000 3,116,000 1,399,000
THREE REFINERIES ETC
32 3 FLARE INSTALLATIONS 3,612,000 3,061,000 662,000
33 4 OFFSITE PIPELINES ‐ KORANGI TO KEAMARI 32,787,000 26,790,000 6,240,000

TERMINAL
SUB‐TOTAL OFFSITES 329,386,000 269,681,000 108,929,000
SUPPORTING FACILITIES
NON‐PRODUCTION AREAS., INCLUDING:‐
34 1 N/A LABORATORY APPARATUS & CONTENTS 3,532,000 3,005,000 152,000
35 2 N/A IT SYSTEM, COMMUNCATIONS ETC. 977,000 829,000 52,000
36 3 N/A OFFICE MACHINES/EQUIPMENTS AND 632,000 526,000 8,000

FUNRITURE
37 4 N/A WORKSHOP EQUIPMENT AND CONTENTS, 1,072,000 877,000 186,000
WAREHOUSE CONTENTS
BUILDINGS THROUGHOUT., INCLUDING:‐
38 1 ‐ BUILDINGS AND CONTROL ROOM 35,955,000 29,478,000 6,629,000
SITE IMPROVEMENTS THROUGHOUT., INCLUDING:‐
39 1 ‐ ROADS, PAVED AREAS, DRAINAGE, FENCES, 34,951,000 29,145,000 2,197,000

GATES ETC
SUB‐TOTAL SUPPORTING FACILITIES 77,119,000 63,860,000 9,224,000
KEAMARI TERMINAL
STORAGE TANKS, PUMPING & LOADING ETC., INCLUDING:‐
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40 1 55 STORAGE TANKS & PUMPING 86,371,000 73,856,000 30,093,000
41 2 155 STORAGE TANKS & PUMPING [consolidated in 0 0 0

[Sr# 39]
42 1 155 BUILDINGS 1,337,000 1,116,000 238,000
43 1 155 SITE WORKS [consolidated in [Sr# 41] 0 0 0
44 2 155 ROADS AND PAVED AREAS [consolidated in 0 0 0

[Sr# 41]
45 3 155 WALLS, FENCES, GATES ETC. [consolidated in 0 0 0
[Sr# 41]
46 4 ALL ELECTRICAL SYSTEMS INCLUDING SUB 0 0 0
STATIONS [consolidated in [Sr# 41]
SUB‐TOTAL KEAMARI TERMINAL 87,708,000 74,972,000 30,331,000
DIESEL BLOCK
DIESEL BLOCK, INCLUDING:‐
47 1 305 DIESEL HYDROTREATMENT UNIT 116,730,000 100,354,000 53,493,000
48 2 306 HYDROGEN PRODUCTION UNIT 117,409,000 100,090,000 52,424,000
SUB‐TOTAL DIESEL BLOCK 234,139,000 200,444,000 105,917,000
NAPHTHA BLOCK
NAPHTHA BLOCK, INCLUDING:‐
49 1 307 NAPHTHA SPLITTER UNIT 8,239,000 6,793,000 3,877,000
50 2 308 NAPHTHA HYDROTREATMENT UNIT 24,551,000 19,981,000 11,010,000
51 3 309 PENEX UNIT 79,723,000 67,181,000 35,817,000
52 4 HC FLARE UNIT 15,326,000 13,010,000 6,863,000
314
53 5 AG FLARE UNIT 5,461,000 4,648,000 2,427,000
SUB‐TOTAL NAPHTHA BLOCK 133,300,000 111,613,000 59,994,000
SULFUR BLOCK
SULFUR BLOCK, INCLUDING:‐
54 1 310 AMINE TREATMENT UNIT 17,413,000 14,226,000 7,647,000
55 2 311 NON-PHENOLIC SOUR WATER TREATMENT 9,236,000 7,642,000 4,348,000

UNIT
56 3 312 SULFUR RECOVERY UNIT 26,159,000 21,846,000 11,940,000
57 4 312X SULFUR SOLIDIFICATION UNIT 5,435,000 4,644,000 2,424,000
SUB‐TOTAL SULFUR BLOCK 58,243,000 48,358,000 26,359,000
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UTILITIES-II
UTILITIES-II, INCLUDING:‐
58 1 Utilities-II 201,818,000 163,842,000 29,475,000
59 2 371 Cryogenic nitrogen unit 490,000 402,000 92,000
60 3 Cabling-1 [Korangi] 47,550,000 40,184,000 8,826,000
61 4 Cabling-2 [Keamari] 11,040,000 9,443,000 2,130,000
SUB‐TOTAL UTILITIES-II 260,898,000 213,871,000 40,523,000
Plant, Buildings, Ancillaries | NRVI / RCN / RCNLD ► USD 2,182,512,000 1,822,653,000 467,648,000
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Sr# 1 Sr# 2 NRL Unit# Asset Group / Module NRVI sub-total PKR RCN sub-total PKR RCNLD sub-total PKR
FUEL REFINERY, INCLUDING:‐
1 1 101 CRUDE DISTILLATION 21,216,560,000 17,647,330,000 1,487,320,000
1 1 102 HYDROBOND UNIT 4,312,790,000 3,689,880,000 355,780,000
1 1 103 PLATFORMING UNIT 9,992,650,000 8,464,510,000 811,060,000
1 1 106 LPG MEROX 504,120,000 424,310,000 41,450,000
1 1 107 NAPHTHA MEROX UNIT 1,253,010,000 1,016,850,000 106,490,000
1 1 108 KEROSENE MEROX UNIT 3,926,850,000 3,262,910,000 328,490,000
1 1 119 CAUSTIC SODA FARM 111,210,000 90,490,000 4,110,000
1 1 120 PROPANE RECOVERY UNIT 643,230,000 523,820,000 31,190,000
1 1 122 ETHYLIZING AND ADDITIVES BLENDING UNIT 56,430,000 47,610,000 2,060,000
1 1 117 REFINERY GAS COMPRESSOR WITH 225,080,000 192,250,000 9,030,000

1 1 18 BENZENE TOULENE XYLENE UNIT 2,511,760,000 2,055,240,000 81,660,000
SUB‐TOTAL FUEL REFINERY 44,753,690,000 37,415,200,000 3,258,640,000
LUBE PLANT I
LUBE PLANT I, INCLUDING:‐
12 1 TWO‐STAGE DISTILLATION UNIT (ATMOS 9,600,770,000 8,061,340,000 201,490,000

SECTION)
1
13 2 TWO‐STAGE DISTILLATION UNIT (VACUUM 5,861,240,000 4,757,400,000 120,650,000
SECTION)
14 3 12 PROPANE DE-ASPHALTING UNIT 7,105,630,000 6,057,190,000 96,440,000
15 4 13 FURFURAL EXTRACTION UNIT 8,019,890,000 6,773,860,000 26,270,000
16 5 14 MEK DE-WAXING UNIT 18,202,940,000 15,243,090,000 67,510,000
17 6 16 HYDRO FINISHING UNIT & HYDRO 3,555,280,000 2,950,830,000 51,300,000

GENERATOR
SUB‐TOTAL LUBE PLANT I 52,345,750,000 43,843,710,000 563,660,000
LUBE PLANT II
LUBE PLANT II, INCLUDING:‐
18 1 201 VACUUM DISTILLATION UNIT 10,591,760,000 8,879,990,000 1,287,890,000
19 2 212 PROPANE DE‐ASHPHALTING UNIT 17,260,980,000 14,021,680,000 2,011,340,000
20 3 213 FURURAL EXTRACTION UNIT 13,815,890,000 11,596,920,000 696,990,000
21 4 214 NITROGEN UNIT 75,100,000 61,760,000 4,110,000
22 5 214 MEK DE-WAXING UNIT 32,630,250,000 27,858,900,000 3,744,860,000
SUB‐TOTAL LUBE PLANT II 74,373,980,000 62,419,250,000 7,745,190,000
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UTILITIES
UTILITIES-1 (FUEL, LUBE PLANT & OLD RELATED ANCILLARIES), INCLUDING:‐
23 1 POWER STATION & ASSOCIATED ASSETS 6,513,090,000 5,398,990,000 1,016,240,000
24 2 HV ELECTRICAL SYSTEM THROUGHOUT SITE 4,997,250,000 4,276,270,000 984,230,000

25 3 BOILERS, STEAM & CONDENSATE 7,934,130,000 6,618,750,000 1,576,980,000
INSTALLATIONS
26 4 FUEL OIL AND FUEL GAS SYSTEMS 1,016,850,000 842,450,000 208,870,000
27 5 PLANT AND INSTRUMENTATION AIR SYSTEMS 665,800,000 561,360,000 99,310,000
28 6 WTP, WWTP, EFFLUENT, SEWER SYSTEM 11,675,700,000 9,876,520,000 2,078,430,000

29 7 FIRE FIGHTING SYSTEM ‐ REFINERY 1,251,780,000 1,064,860,000 189,790,000
SUB‐TOTAL UTILITIES 34,054,600,000 28,639,200,000 6,153,850,000
OFFSITES
OFFSITES (STORAGE TANKS-1 & PIPELINE), INCLUDING:‐
30 1 STORAGE TANKS, PUMPING, LOADING & 59,338,930,000 48,567,850,000 20,646,370,000

PIPELINES ETC.
32 3 FLARE INSTALLATIONS 741,100,000 628,050,000 135,830,000
33 4 OFFSITE PIPELINES ‐ KORANGI TO KEAMARI 6,727,080,000 5,496,650,000 1,280,300,000

TERMINAL
SUB‐TOTAL OFFSITES 67,581,860,000 55,331,880,000 22,349,550,000
SUPPORTING FACILITIES
NON‐PRODUCTION AREAS., INCLUDING:‐
34 1 N/A LABORATORY APPARATUS & CONTENTS 724,680,000 616,560,000 31,190,000
35 2 N/A IT SYSTEM, COMMUNCATIONS ETC. 200,460,000 170,100,000 10,670,000
36 3 N/A OFFICE MACHINES/EQUIPMENTS AND 129,680,000 107,930,000 1,650,000

FUNRITURE
37 4 N/A WORKSHOP EQUIPMENT AND CONTENTS, 219,950,000 179,940,000 38,170,000
WAREHOUSE CONTENTS
38 1 ‐ BUILDINGS AND CONTROL ROOM 7,377,080,000 6,048,160,000 1,360,110,000
39 1 ‐ ROADS, PAVED AREAS, DRAINAGE, FENCES, 7,171,080,000 5,979,840,000 450,770,000

GATES ETC
SUB‐TOTAL SUPPORTING FACILITIES 15,822,930,000 13,102,530,000 1,892,560,000
KEAMARI TERMINAL
STORAGE TANKS, PUMPING & LOADING ETC., INCLUDING:‐
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40 1 55 STORAGE TANKS & PUMPING 17,721,190,000 15,153,420,000 6,174,340,000

[Sr# 39]
42 1 155 BUILDINGS 274,320,000 228,980,000 48,840,000

[Sr# 41]
[Sr# 41]
SUB‐TOTAL KEAMARI TERMINAL 17,995,510,000 15,382,400,000 6,223,180,000
DIESEL BLOCK
DIESEL BLOCK, INCLUDING:‐
47 1 305 DIESEL HYDROTREATMENT UNIT 23,950,110,000 20,590,160,000 10,975,440,000
48 2 306 HYDROGEN PRODUCTION UNIT 24,089,420,000 20,535,990,000 10,756,110,000
SUB‐TOTAL DIESEL BLOCK 48,039,530,000 41,126,150,000 21,731,550,000
NAPHTHA BLOCK
NAPHTHA BLOCK, INCLUDING:‐
49 1 307 NAPHTHA SPLITTER UNIT 1,690,440,000 1,393,760,000 795,470,000
50 2 308 NAPHTHA HYDROTREATMENT UNIT 5,037,260,000 4,099,610,000 2,258,980,000
51 3 309 PENEX UNIT 16,357,190,000 13,783,880,000 7,348,760,000
52 4 HC FLARE UNIT 3,144,520,000 2,669,330,000 1,408,120,000
314
53 5 AG FLARE UNIT 1,120,470,000 953,660,000 497,970,000
SUB‐TOTAL NAPHTHA BLOCK 27,349,880,000 22,900,240,000 12,309,300,000
SULFUR BLOCK
SULFUR BLOCK, INCLUDING:‐
54 1 310 AMINE TREATMENT UNIT 3,572,720,000 2,918,830,000 1,568,980,000
55 2 311 NON-PHENOLIC SOUR WATER TREATMENT 1,895,000,000 1,567,950,000 892,110,000

UNIT
56 3 312 SULFUR RECOVERY UNIT 5,367,180,000 4,482,260,000 2,449,800,000
57 4 312X SULFUR SOLIDIFICATION UNIT 1,115,130,000 952,840,000 497,350,000
SUB‐TOTAL SULFUR BLOCK 11,950,030,000 9,921,880,000 5,408,240,000
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UTILITIES-II
UTILITIES-II, INCLUDING:‐
58 1 Utilities-II 41,408,050,000 33,616,320,000 6,047,540,000
59 2 371 Cryogenic nitrogen unit 100,540,000 82,490,000 18,880,000
60 3 Cabling-1 [Korangi] 9,756,090,000 8,244,760,000 1,810,880,000
61 4 Cabling-2 [Keamari] 2,265,140,000 1,937,470,000 437,030,000
SUB‐TOTAL UTILITIES-II 53,529,820,000 43,881,040,000 8,314,330,000
Plant, Buildings, Ancillaries | NRVI / RCN / RCNLD ► PKR 447,797,580,000 373,963,480,000 95,950,050,000
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FUEL REFINERY
1 1 101 CRUDE DISTILLATION 110,785,760 94,506,680 6,126,200
2 2 102 HYDROBOND UNIT 23,087,170 19,752,600 1,518,530
3 3 103 PLATFORMING UNIT 53,555,500 45,365,420 3,460,520
4 4 106 LPG MEROX 2,702,980 2,275,030 177,750
5 5 107 NAPHTHA MEROX UNIT 6,608,590 5,451,530 464,060
6 6 108 KEROSENE MEROX UNIT 21,013,010 17,460,150 1,416,040
7 7 119 CAUSTIC SODA FARM 556,870 484,640 12,690
8 8 120 PROPANE RECOVERY UNIT 3,362,580 2,806,900 112,990
9 9 122 ETHYLIZING AND ADDITIVES BLENDING UNIT 301,900 254,690 6,110
10 10 117 REFINERY GAS COMPRESSOR WITH 1,206,150 1,030,230 19,410

11 11 18 BENZENE TOULENE XYLENE UNIT 13,460,110 11,013,710 226,750
SUB‐TOTAL FUEL REFINERY 236,640,620 200,401,580 13,541,050
LUBE PLANT-I
12 1 TWO‐STAGE DISTILLATION UNIT (ATMOS 51,393,840 43,153,120 256,850

SECTION)
1
13 2 TWO‐STAGE DISTILLATION UNIT (VACUUM 31,392,860 25,480,660 160,910
SECTION)
14 3 12 PROPANE DE-ASPHALTING UNIT 38,069,050 32,451,900 514,890
15 4 13 FURFURAL EXTRACTION UNIT 42,908,520 36,241,930 140,230
16 5 14 MEK DE-WAXING UNIT 97,531,450 81,672,510 360,420
17 6 16 HYDRO FINISHING UNIT & HYDRO 19,035,530 15,799,220 273,880

GENERATOR
SUB‐TOTAL LUBE PLANT-I 280,331,250 234,799,340 1,707,180
LUBE PLANT-II
18 1 201 VACUUM DISTILLATION UNIT 56,763,880 47,590,040 5,955,890
19 2 212 PROPANE DE‐ASHPHALTING UNIT 88,793,270 75,183,450 9,290,670
20 3 213 FURURAL EXTRACTION UNIT 73,985,670 62,102,820 2,534,590
21 4 214 NITROGEN UNIT 402,860 331,310 15,620
22 5 214 MEK DE-WAXING UNIT 174,849,570 149,282,230 17,109,870
204116 Nrl - 999_50 N_S = 230731_A2 Usd 2

p.1/4
2023-08-01 | 20:30 ■ ►
Ref 999.50204116.19180502
31-Jul-2023
Korangi, Karachi

SUB‐TOTAL LUBE PLANT-II 394,795,250 334,489,850 34,906,640
UTILITIES-I (FUEL, LUBE PLANT & OLD RELATED ANCILLARIES)
23 1 POWER STATION & ASSOCIATED ASSETS 34,362,440 28,484,540 4,624,340
24 2 HV ELECTRICAL SYSTEM THROUGHOUT SITE 27,255,950 23,323,550 4,394,510

25 3 BOILERS, STEAM & CONDENSATE 42,466,780 35,426,320 7,429,670
INSTALLATIONS
26 4 FUEL OIL AND FUEL GAS SYSTEMS 5,445,510 4,511,550 1,003,770
27 5 PLANT AND INSTRUMENTATION AIR SYSTEMS 3,693,340 3,037,190 287,230
28 6 WTP, WWTP, EFFLUENT, SEWER SYSTEM 62,633,030 52,981,510 9,335,280

29 7 FIRE FIGHTING SYSTEM ‐ REFINERY 6,616,060 5,628,150 691,800
SUB‐TOTAL UTILITIES-I 182,473,110 153,392,810 27,766,600
OFFSITES (STORAGE TANKS-1 & PIPELINE)
30 1 STORAGE TANKS, PUMPING, LOADING & 313,829,250 256,863,590 104,524,410

PIPELINES ETC.
32 3 FLARE INSTALLATIONS 3,965,430 3,360,510 658,300
33 4 OFFSITE PIPELINES ‐ KORANGI TO KEAMARI 35,706,680 29,175,640 5,806,530

TERMINAL
SUB‐TOTAL OFFSITES 357,598,740 292,780,940 112,385,170
SUPPORTING FACILITIES (NON‐PRODUCTION AREAS / BUILDINGS & CONTROL ROOM / ROADS, PAVED AREAS, DRAINAGE, FENCES, GATES,
ETC)
34 1 LABORATORY APPARATUS & CONTENTS 3,788,190 3,336,510 16,690
35 2 IT SYSTEM, COMMUNCATIONS ETC. 1,104,490 906,410 18,130
36 3 OFFICE MACHINES/EQUIPMENTS AND 694,620 578,110 8,770

FUNRITURE
37 4 WORKSHOP EQUIPMENT AND CONTENTS, 1,179,170 964,670 179,940
WAREHOUSE CONTENTS
38 5 BUILDINGS AND CONTROL ROOM 40,707,580 33,374,440 6,865,620
39 6 ROADS, PAVED AREAS, DRAINAGE, FENCES, 40,200,240 32,972,340 130,620

GATES ETC
SUB‐TOTAL SUPPORTING FACILITIES 87,674,290 72,132,480 7,219,770
KEAMARI TERMINAL (STORAGE TANKS, PUMPING, LOADING, SITE WORKS, ROADS, PAVED AREAS, WALLS, FENCES, GATES, ELECTRICAL
SYSTEMS, SUB-STATION, ETC)
40 1 55 STORAGE TANKS & PUMPING 93,672,930 80,099,890 31,190,950

[Sr# 40]
204116 Nrl - 999_50 N_S = 230731_A2 Usd 2

p.2/4
2023-08-01 | 20:30 ■ ►
Ref 999.50204116.19180502
31-Jul-2023
Korangi, Karachi

42 3 155 BUILDINGS 1,539,470 1,263,900 245,440

[Sr# 42]
[Sr# 42]
SUB‐TOTAL KEAMARI TERMINAL 95,212,400 81,363,790 31,436,390
DIESEL BLOCK
47 1 305 DIESEL HYDROTREATMENT UNIT 128,190,250 110,206,490 56,254,220
48 2 306 HYDROGEN PRODUCTION UNIT 129,091,920 110,049,570 55,160,620
SUB‐TOTAL DIESEL BLOCK 257,282,170 220,256,060 111,414,840
NAPHTHA BLOCK
49 1 307 NAPHTHA SPLITTER UNIT 8,766,720 7,474,610 4,095,140
50 2 308 NAPHTHA HYDROTREATMENT UNIT 25,664,760 21,959,760 11,601,310
51 3 309 PENEX UNIT 87,685,630 73,890,950 37,724,440
52 4 HC FLARE UNIT 16,403,810 14,288,820 7,215,250
314
53 5 AG FLARE UNIT 5,851,680 5,111,020 2,553,670
SUB‐TOTAL NAPHTHA BLOCK 144,372,600 122,725,160 63,189,810
SULFUR BLOCK
54 1 310 AMINE TREATMENT UNIT 19,143,440 15,639,720 7,931,770
55 2 311 NON-PHENOLIC SOUR WATER TREATMENT 9,560,540 8,396,860 4,520,540

UNIT
56 3 312 SULFUR RECOVERY UNIT 27,777,490 23,999,330 12,386,270
57 4 312X SULFUR SOLIDIFICATION UNIT 5,925,550 5,106,790 2,510,970
SUB‐TOTAL SULFUR BLOCK 62,407,020 53,142,700 27,349,550
UTILITIES II
58 1 UTILITIES-II 218,781,420 177,613,420 27,365,920
59 2 371 CRYOGENIC NITROGEN UNIT 538,330 441,650 87,490
60 3 CABLING-1 / KORANGI 55,063,210 45,011,770 8,766,790
204116 Nrl - 999_50 N_S = 230731_A2 Usd 2

p.3/4
2023-08-01 | 20:30 ■ ►
Ref 999.50204116.19180502
31-Jul-2023
Korangi, Karachi

61 4 CABLING-2 / KEAMARI 13,011,190 10,585,770 2,124,040
SUB‐TOTAL UTILITIES-II 287,394,150 233,652,610 38,344,240
Plant, Buildings, Ancillaries | NRVI / RCN / RCNLD ► USD 2,386,181,600 1,999,137,320 469,261,240
204116 Nrl - 999_50 N_S = 230731_A2 Usd 2

p.4/4
2023-08-01 | 20:30 ■ ►
Ref 999.50204116.19180502
31-Jul-2023
Korangi, Karachi

FUEL REFINERY
1 1 101 CRUDE DISTILLATION 31,807,589,000 27,133,719,000 1,758,888,000
2 2 102 HYDROBOND UNIT 6,628,535,000 5,671,150,000 435,984,000
3 3 103 PLATFORMING UNIT 15,376,267,000 13,024,821,000 993,547,000
4 4 106 LPG MEROX 776,050,000 653,182,000 51,034,000
5 5 107 NAPHTHA MEROX UNIT 1,897,386,000 1,565,184,000 133,236,000
6 6 108 KEROSENE MEROX UNIT 6,033,025,000 5,012,967,000 406,558,000
7 7 119 CAUSTIC SODA FARM 159,883,000 139,145,000 3,644,000
8 8 120 PROPANE RECOVERY UNIT 965,427,000 805,887,000 32,441,000
9 9 122 ETHYLIZING AND ADDITIVES BLENDING UNIT 86,679,000 73,124,000 1,755,000
10 10 117 REFINERY GAS COMPRESSOR WITH 346,297,000 295,789,000 5,573,000

11 11 18 BENZENE TOULENE XYLENE UNIT 3,864,519,000 3,162,136,000 65,102,000
SUB‐TOTAL FUEL REFINERY 67,941,657,000 57,537,104,000 3,887,762,000
LUBE PLANT-I
12 1 TWO‐STAGE DISTILLATION UNIT (ATMOS 14,755,635,000 12,389,650,000 73,744,000

SECTION)
1
13 2 TWO‐STAGE DISTILLATION UNIT (VACUUM 9,013,173,000 7,315,727,000 46,199,000
SECTION)
14 3 12 PROPANE DE-ASPHALTING UNIT 10,929,967,000 9,317,233,000 147,830,000
15 4 13 FURFURAL EXTRACTION UNIT 12,319,423,000 10,405,385,000 40,262,000
16 5 14 MEK DE-WAXING UNIT 28,002,158,000 23,448,913,000 103,480,000
17 6 16 HYDRO FINISHING UNIT & HYDRO 5,465,273,000 4,536,099,000 78,634,000

GENERATOR
SUB‐TOTAL LUBE PLANT-I 80,485,629,000 67,413,007,000 490,149,000
LUBE PLANT-II
18 1 201 VACUUM DISTILLATION UNIT 16,297,421,000 13,663,529,000 1,709,990,000
19 2 212 PROPANE DE‐ASHPHALTING UNIT 25,493,348,000 21,585,846,000 2,667,435,000
20 3 213 FURURAL EXTRACTION UNIT 21,241,952,000 17,830,279,000 727,704,000
21 4 214 NITROGEN UNIT 115,665,000 95,123,000 4,485,000
22 5 214 MEK DE-WAXING UNIT 50,200,886,000 42,860,273,000 4,912,398,000
204116 Nrl - 999_50 N_S = 230731_A3 Pkr 2

p.1/4
2023-08-01 | 20:31 ■ ►
Ref 999.50204116.19180502
31-Jul-2023
Korangi, Karachi

SUB‐TOTAL LUBE PLANT-II 113,349,272,000 96,035,050,000 10,022,012,000
UTILITIES-I (FUEL, LUBE PLANT & OLD RELATED ANCILLARIES)
23 1 POWER STATION & ASSOCIATED ASSETS 9,865,766,000 8,178,168,000 1,327,690,000
24 2 HV ELECTRICAL SYSTEM THROUGHOUT SITE 7,825,429,000 6,696,402,000 1,261,704,000

25 3 BOILERS, STEAM & CONDENSATE 12,192,595,000 10,171,216,000 2,133,126,000
INSTALLATIONS
26 4 FUEL OIL AND FUEL GAS SYSTEMS 1,563,455,000 1,295,307,000 288,192,000
27 5 PLANT AND INSTRUMENTATION AIR SYSTEMS 1,060,392,000 872,005,000 82,467,000
28 6 WTP, WWTP, EFFLUENT, SEWER SYSTEM 17,982,507,000 15,211,469,000 2,680,243,000

29 7 FIRE FIGHTING SYSTEM ‐ REFINERY 1,899,531,000 1,615,893,000 198,623,000
SUB‐TOTAL UTILITIES-I 52,389,675,000 44,040,460,000 7,972,045,000
OFFSITES (STORAGE TANKS-1 & PIPELINE)
30 1 STORAGE TANKS, PUMPING, LOADING & 90,103,203,000 73,747,849,000 30,009,900,000

PIPELINES ETC.
31 2 LPG AND PROPANE VESSELS AREA OF 1,176,395,000 970,773,000 400,785,000
32 3 FLARE INSTALLATIONS 1,138,511,000 964,833,000 189,004,000
33 4 OFFSITE PIPELINES ‐ KORANGI TO KEAMARI 10,251,710,000 8,376,589,000 1,667,108,000

TERMINAL
SUB‐TOTAL OFFSITES 102,669,819,000 84,060,044,000 32,266,797,000
SUPPORTING FACILITIES (NON‐PRODUCTION AREAS / BUILDINGS & CONTROL ROOM / ROADS, PAVED AREAS, DRAINAGE, FENCES, GATES,
ETC)
34 1 LABORATORY APPARATUS & CONTENTS 1,087,624,000 957,943,000 4,792,000
35 2 IT SYSTEM, COMMUNCATIONS ETC. 317,110,000 260,239,000 5,206,000
36 3 OFFICE MACHINES/EQUIPMENTS AND 199,432,000 165,981,000 2,518,000

FUNRITURE
37 4 WORKSHOP EQUIPMENT AND CONTENTS, 338,551,000 276,966,000 51,663,000
WAREHOUSE CONTENTS
38 5 BUILDINGS AND CONTROL ROOM 11,687,513,000 9,582,103,000 1,971,182,000
39 6 ROADS, PAVED AREAS, DRAINAGE, FENCES, 11,541,851,000 9,466,656,000 37,503,000

GATES ETC
SUB‐TOTAL SUPPORTING FACILITIES 25,172,081,000 20,709,888,000 2,072,864,000
KEAMARI TERMINAL (STORAGE TANKS, PUMPING, LOADING, SITE WORKS, ROADS, PAVED AREAS, WALLS, FENCES, GATES, ELECTRICAL
SYSTEMS, SUB-STATION, ETC)
40 1 55 STORAGE TANKS & PUMPING 26,894,342,000 22,997,400,000 8,955,203,000

[Sr# 40]
204116 Nrl - 999_50 N_S = 230731_A3 Pkr 2

p.2/4
2023-08-01 | 20:31 ■ ►
Ref 999.50204116.19180502
31-Jul-2023
Korangi, Karachi

42 3 155 BUILDINGS 441,996,000 362,878,000 70,469,000

[Sr# 42]
[Sr# 42]
SUB‐TOTAL KEAMARI TERMINAL 27,336,338,000 23,360,278,000 9,025,672,000
DIESEL BLOCK
47 1 305 DIESEL HYDROTREATMENT UNIT 36,804,575,000 31,641,276,000 16,151,093,000
48 2 306 HYDROGEN PRODUCTION UNIT 37,063,453,000 31,596,223,000 15,837,111,000
SUB‐TOTAL DIESEL BLOCK 73,868,028,000 63,237,499,000 31,988,204,000
NAPHTHA BLOCK
49 1 307 NAPHTHA SPLITTER UNIT 2,517,005,000 2,146,028,000 1,175,752,000
50 2 308 NAPHTHA HYDROTREATMENT UNIT 7,368,584,000 6,304,845,000 3,330,841,000
51 3 309 PENEX UNIT 25,175,334,000 21,214,757,000 10,831,027,000
52 4 HC FLARE UNIT 4,709,682,000 4,102,449,000 2,071,564,000
314
53 5 AG FLARE UNIT 1,680,071,000 1,467,420,000 733,182,000
SUB‐TOTAL NAPHTHA BLOCK 41,450,676,000 35,235,499,000 18,142,366,000
SULFUR BLOCK
54 1 310 AMINE TREATMENT UNIT 5,496,254,000 4,490,305,000 2,277,283,000
55 2 311 NON-PHENOLIC SOUR WATER TREATMENT 2,744,918,000 2,410,815,000 1,297,888,000

UNIT
56 3 312 SULFUR RECOVERY UNIT 7,975,168,000 6,890,424,000 3,556,210,000
57 4 312X SULFUR SOLIDIFICATION UNIT 1,701,279,000 1,466,206,000 720,923,000
SUB‐TOTAL SULFUR BLOCK 17,917,619,000 15,257,750,000 7,852,304,000
UTILITIES II
58 1 UTILITIES-II 62,814,116,000 50,994,412,000 7,857,002,000
59 2 371 CRYOGENIC NITROGEN UNIT 154,560,000 126,802,000 25,120,000
60 3 CABLING-1 / KORANGI 15,809,144,000 12,923,285,000 2,517,025,000
204116 Nrl - 999_50 N_S = 230731_A3 Pkr 2

p.3/4
2023-08-01 | 20:31 ■ ►
Ref 999.50204116.19180502
31-Jul-2023
Korangi, Karachi

61 4 CABLING-2 / KEAMARI 3,735,630,000 3,039,270,000 609,832,000
SUB‐TOTAL UTILITIES-II 82,513,450,000 67,083,769,000 11,008,979,000
Plant, Buildings, Ancillaries | NRVI / RCN / RCNLD ► PKR 685,094,244,000 573,970,348,000 134,729,154,000
204116 Nrl - 999_50 N_S = 230731_A3 Pkr 2

p.4/4
2023-08-01 | 20:31 ■ ►

NRL - 999 - 50 N - S 230731 - Fj1Sr2, A1,2,3

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Valuation Report

National Refinery Ltd

Location [a] Korangi Refinery, Karachi, Pakistan

Requested by National Refinery Ltd, Pakistan

Report ref 999_50204116_19180502 | NRVI, RCN, RCNLD

Eng Bakhat Ali Naper

Eng Salman Haider

0102.1 1966 Lube refinery unit-1 Crude oil processing 10,895

204116 Nrl - 999_50 N_S = 230731_Sr2

0102.9 2017 Diesel block DHDS & HPU 29,765

0200 Scope of Assessment

0202.6 Main process, secondary & tertiary pipelines & piping.

204116 Nrl - 999_50 N_S = 230731_Sr2

0400 Valuation parameters

204116 Nrl - 999_50 N_S = 230731_Sr2

other dedicated equipment].

0501.1 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 1,594,576,470 457,817,277,000

204116 Nrl - 999_50 N_S = 230731_Sr2

0501.4 Total NRVI - USD / PKR 2,386,181,600 685,094,244,000

Asset Group RCN Sub-Total USD RCN Sub-Total PKR

0501.5 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 1,333,008,770 382,718,838,000

0501.8 Total RCN - USD / PKR 1,999,137,320 573,970,348,000

Asset Group RCNLD Sub-Total USD RCNLD Sub-Total PKR

0501.9 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 206,293,200 59,228,654,000

0501.12 Total RCNLD - USD / PKR 469,261,240 134,729,154,000

0600 Notes | Valuer’s Remarks

204116 Nrl - 999_50 N_S = 230731_Sr2

0700 Annexure Summary

Eng Bakhat Ali Naper Eng Salman Haider Yusuf Dossa

204116 Nrl - 999_50 N_S = 230731_Sr2

National Refinery Ltd

Location [a] Korangi Refinery, Karachi, Pakistan

Requested by National Refinery Ltd, Pakistan

Report ref 999_50198354_19180502 | NRV, CN, RCNLD

Eng Bakhat Ali Naper

Eng Syed Baqir Tirmizi

0102.1 1966 Lube refinery unit-1 Crude oil processing 10,895

198354 Nrl - 999_50N_S = 220719_Sr1

0200 Scope of Assessment

198354 Nrl - 999_50N_S = 220719_Sr1

0202.6 Main process, secondary & tertiary pipelines & piping.

198354 Nrl - 999_50N_S = 220719_Sr1

0400 Valuation parameters

198354 Nrl - 999_50N_S = 220719_Sr1

0500 Assessment Summary

0501.1 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 1,408,224,000 288,932,810,000

0501.4 Total NRVI - USD / PKR 2,182,512,000 447,797,580,000

Asset Group RCN Sub-Total USD RCN Sub-Total PKR

0501.5 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 1,173,395,000 240,751,770,000

0501.8 Total RCN - USD / PKR 1,822,653,000 373,963,480,000

Asset Group RCNLD Sub-Total USD RCNLD Sub-Total PKR

0501.9 Fuel + Lube-1 + Lube-2 + Utilities-1 [+ Korangi-1 204,524,000 41,963,450,000

198354 Nrl - 999_50N_S = 220719_Sr1

0501.12 Total RCNLD - USD / PKR 467,648,000 95,950,050,000

0600 Notes | Valuer’s Remarks

0700 Annexure Summary

198354 Nrl - 999_50N_S = 220719_Sr1

Plant, Buildings, Ancillaries | NRVI / RCN / RCNLD | Module-wise Breakup