Byco to commence commissioning of 120,000 bpd by June 2012 – Alfalah Securities Limited

Karachi: Byco Petroleum Pakistan Ltd.

According to Alfalah Securities Limited, (Byco) is all set to commence commissioning process of 120,000 bpd oil refining complex (ORCII) by the end of June this year. After the commissioning of the new refinery, the total refining capacity would rise to 156,000 bpd making it the single largest oil refining complex in Pakistan. At present, Byco has a smaller refinery having a capacity of 35,000 bpd.

Byco also intends to further augment the refining capacity. In the first phase, the refining capacity of ORC-II would be gradually enhanced to 155,000 bpd and in the second phase refinery can be revamped to increase the throughput to 180,000bpd. Byco has, so far, invested over USD 750 million in this refining and infrastructure project.

Byco Petroleum Pakistan Ltd. is engaged in the production and sale of petroleum products and it is held to the extent of 86.98% (850.5 million shares) by Byco Oil Pakistan Limited (BOPL) as the parent company. Byco reported recently announced its 1Qtr FY12 results for the period ended Sep 30, 2011 where it reported a loss after tax of PkR 1.12 billion (LPS: PkR 1.14) however, with the addition of new refining capacity, it may be able to improve on its profitability.

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