Attock Refinery Cuts Production to 25% Amid High Diesel Oversupply

Attock Refinery Limited (PSX: ATRL) has cut operations to around 25 percent capacity due to little space available for stockpiling High-Speed Diesel (HSD) in its storage tanks.

In a stock filing to the Pakistan Stock Exchange (PSX), the refinery said, “HSD stocks in the refinery have reached a high level with very little/no ullage in storage tanks. Consequently, we are left with no option except to go for shut down of our main distillation unit of 32,400 BPD to manage the critically high HSD stocks and carry out essential maintenance including that of allied downstream units for a period of five (5) days”.

“The refinery will partially operate at around 25% capacity during the said period. However, adequate inventories of products are available to meet the current requirements. This has been intimated to the Ministry of Energy (Petroleum Division) and Oil & Gas Regulatory Authority (OGRA) accordingly,” it added.

ATRL further added that HSD upliftment by OMCs has remained low during the last two months due to multiple reasons including the possible inflow of smuggled products in its supply envelope.

At the time of filing, the company’s scrip at the bourse was Rs. 168.7, down by 1.68 percent or Rs. 2.89 with a turnover of 674,487 shares on Wednesday.

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