In a notification sent to the PSX on Monday, Byco Petroleum Pakistan Limited has announced that it will be resuming the production of its 120,000 bpd refinery and will supply oil products to the market starting from the 5th of August.
Byco has installed a new crude charge heater/furnace which is said to be much improved and efficient alongside being equipped with modern safety/security controls, the notification read. Pre-commissioning and commissioning activities of plant are said to be in progress, as per Byco.
In June, Byco’s Chief Executive Officer (CEO) Amir Abbassciy in an interview to Bloomberg stated that Pakistan’s fuel demands will grow between at least by 7 percent to 10 percent between now and 2020.
Back in June Abbassciy, Byco Group then decreased headcount by a third to about 600 last year ahead of a merger of all its businesses. It’s revenue is forecast to double to $2 billion in the fiscal year starting July. The company is absorbing all its units which include two refineries, an offloading buoy and a fuel retailer into Byco Petroleum.
The refinery, in the Hub area of Balochistan province, was damaged when a crude oil heater caught fire only three months after it was inaugurated in 2015 by Ex-Prime Minister Nawaz Sharif.
The company’s shares rose as much as 5 percent to 21.17 rupees in Karachi Monday. At the time of filing this report, the KSE-100 index had risen by 1109 points (+2.42%) to reach 47,034 points in first 2 hours of trading.