Tariq Kirmani, the esteemed Chairman and Independent Director of Pakistan Refinery Limited (PRL), has resigned from his positions, citing health grounds, effective October 9, 2026. This significant leadership transition at one of Pakistan’s major petroleum refining companies was formally communicated to the Pakistan Stock Exchange (PSX) on October 12, 2026, marking the end of a distinguished corporate career spanning over five decades.
By SarmayaNext Corporate & Business Desk • ✓ Fact-Checked • Published October 2026
What is the Latest Update on Pakistan Refinery Limited Chairman Tariq Kirmani?
Tariq Kirmani resigned as Chairman and Director of Pakistan Refinery Limited (PRL) on health grounds, effective October 9, 2026. This leadership change for PRL, a Pakistan State Oil subsidiary, coincides with its major capacity expansion and the sector’s recent financial turnaround.
Pakistan Refinery Limited (PRL) announced the resignation of its Chairman and Independent Director, Tariq Kirmani, on health grounds. The resignation became effective on October 9, 2026, with the company formally notifying the Pakistan Stock Exchange (PSX) on October 12, 2026. Kirmani, who was appointed chairman in October 2023 for the 2023-2026 term, steps down from both his directorial and chairmanship roles.
Kirmani’s career is marked by over 50 years of extensive experience across Pakistan’s corporate, oil, energy, and aviation sectors. He commenced his professional journey in 1969 with Caltex (now Chevron), following the completion of his Master’s degree in Business Administration. His international exposure included seven years in senior management roles across the United States, the United Arab Emirates, and Australia. Notably, Kirmani achieved the distinction of being the first Pakistani elected as a company director in 1991. His leadership roles extended to Pakistan State Oil (PSO), where he served as Deputy Managing Director from 1999 and later as Managing Director and Chief Executive Officer from 2001. In 2005, the Government of Pakistan appointed him Chairman and Chief Executive of Pakistan International Airlines (PIA) for a two-year tenure. His departure from PRL signifies a notable leadership change for the company, which operates a refinery at Korangi Creek in Karachi with a crude oil processing capacity of approximately 50,000 barrels per day.
Pakistan Refinery Sector Combined Financial Performance (FY25 vs FY26)
| Description | FY26 (Rs. ‘000) | FY25 (Rs. ‘000) | Change % |
|---|---|---|---|
| Net sales/revenue | 1,133,478,108 | 919,534,163 | 23.30% |
| Cost of sales | (1,046,057,337) | (913,983,258) | 14.40% |
| Gross profit | 87,420,771 | 5,550,905 | 1475.20% |
| Operating profit | 85,082,468 | 10,907,126 | 680.10% |
| Net profit/(loss) for the year | 48,006,540 | (10,578,121) |
How Does This Leadership Change Impact Pakistan Refinery Limited and the Sector?
The resignation of Tariq Kirmani as Pakistan Refinery Limited Chairman comes at a pivotal time for the company and the broader Pakistani refinery sector. PRL, a subsidiary of Pakistan State Oil, is actively pursuing a significant Refinery Expansion and Upgrade Project. This ambitious initiative aims to double its crude oil processing capacity from 50,000 to 100,000 barrels per day and enable the production of cleaner fuels, aligning with evolving environmental standards and national energy demands. A change in leadership during such a critical development phase could introduce a period of transition, requiring careful stewardship to maintain project momentum and strategic direction.
Kirmani’s extensive experience in the oil, energy, and aviation sectors, including his leadership at PSO and PIA, provided PRL with seasoned guidance. His departure necessitates the appointment of a successor who can navigate the complexities of the refining industry, manage large-scale infrastructure projects, and maintain stakeholder confidence. The new leadership will be tasked with ensuring the seamless execution of the expansion project, which is vital for PRL’s future profitability and Pakistan’s energy security.
Furthermore, Kirmani’s resignation coincides with a remarkable financial turnaround for Pakistan’s refinery sector. In the fiscal year ended June 30, 2026 (FY26), the combined net profit of Attock Refinery Limited (ATRL), National Refinery Limited (NRL), and Pakistan Refinery Limited (PRL) surged to Rs48.01 billion, a stark reversal from a net loss of Rs10.58 billion in the preceding fiscal year (FY25). This impressive performance was driven by a 23.3% year-on-year increase in net sales/revenue to Rs1.13 trillion and a nearly 16-fold expansion in gross profit to Rs87.42 billion. The sector’s operating profit also saw a substantial increase of 680.1% to Rs85.08 billion. This positive financial momentum underscores the strategic importance of the sector and the opportunities that lie ahead, making the leadership transition at PRL a key development to watch for investors and industry observers.
Key Takeaways
- Tariq Kirmani has resigned as Chairman and Director of Pakistan Refinery Limited (PRL) on health grounds, effective October 9, 2026.
- Kirmani’s departure marks a leadership change for PRL, a major petroleum refining company and a subsidiary of Pakistan State Oil.
- PRL is currently undertaking a significant Refinery Expansion and Upgrade Project to double its capacity and produce cleaner fuels.
- The resignation occurs amidst a strong financial turnaround for the broader Pakistani refinery sector, which reported a combined net profit of Rs48.01 billion in FY26.
The Insider Take
The immediate focus for Pakistan Refinery Limited will be on ensuring a smooth leadership transition to maintain the momentum of its critical Refinery Expansion and Upgrade Project. Investors should monitor the appointment of Kirmani’s successor and their strategic vision for the company, especially in light of the sector’s robust financial performance in FY26. The ability of the new leadership to capitalize on the industry’s positive trajectory and successfully execute the expansion will be key determinants of PRL’s future growth and its contribution to Pakistan’s energy landscape.
Frequently Asked Questions About Pakistan Refinery Limited Chairman
Why did Tariq Kirmani resign as Pakistan Refinery Limited Chairman?
Tariq Kirmani resigned from his roles as Chairman and Independent Director of Pakistan Refinery Limited (PRL) on health grounds. His resignation became effective on October 9, 2026, and was formally communicated to the Pakistan Stock Exchange (PSX) shortly thereafter.
What is Tariq Kirmani’s professional background?
Tariq Kirmani boasts over 50 years of corporate experience, including senior management positions in the oil, energy, and aviation sectors. He previously held leadership roles at Caltex, Pakistan State Oil (PSO) as MD & CEO, and Pakistan International Airlines (PIA) as Chairman and CEO.
How is Pakistan Refinery Limited performing financially?
While specific PRL financial data for FY26 is not detailed, the broader Pakistani refinery sector, including PRL, experienced a significant turnaround. The combined net profit for the sector reached Rs48.01 billion in FY26, reversing a Rs10.58 billion loss from FY25, driven by substantial revenue and gross profit growth.
PS: For educational and informational purposes only. Not financial advice. Investing involves risk — consult a qualified financial advisor before making investment decisions.