Byco Petroleum Pakistan to set-up diesel hydro de-sulphurising Unit
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KARACHI: The Byco Petroleum Pakistan, through a notice to the Pakistan Stock Exchange (PSX) on Tuesday, informed that it is going to set up a diesel hydro de-sulphurising unit and a fluid catalytic cracking unit with the facilitation from Byco industries incorporated (BII).
In a meeting on Tuesday, the Board of Director of the company has taken this decision to enable refinery to reduce sulphur content in diesel, convert furnace oil into gasoline and diesel for the use in its business and ancillary arrangements.
The company’s notice to PSX said, “the Board of Directors decided in-principle to set-up (a) a diesel hydro de-sulphurising unit; and (b) a fluid catalytic cracking unit with the facilitation from Byco Industries Incorporated (“BII”), being the majority shareholder of the Company.” It said, “Consequently, for such purpose, the Board resolved to call an extraordinary general meeting of the shareholders for seeking approval/authorization to enter into transactions/arrangements with the Company’s related party, Cnergyico PK Limited (“CPL”), inter alia for (i) leasing of necessary assets / components by the Company from CPL, which will be assembled into refinery units, including (a) a diesel hydro de-sulphurising unit; and (b) a fluid catalytic cracking unit; and (ii) availing a subordinated loan from CPL, for the purposes of, inter alia, constructing, installing, commissioning and making operational the processing units, which shall enable the Company to reduce sulphur content in diesel and convert furnace oil into gasoline and diesel for use in its business and ancillary arrangements.”
In its financial results, the Byco Petroleum Pakistan had posted record gross sales of Rs 125.6 billion from Rs 123.4 billion in first half ending December 31, 2019. The company’s gross profits climbed to Rs 2.4 billion from Rs 1.45 billion a year earlier.
The company improved refinery margins by converting nearly all Naphtha volumes into Motor Spirit and successfully implemented various cost-saving measures.
Recently, the company had exported first consignment of 250,000 metric tons of High Sulfur Furnace Oil (HSFO) from Pakistan to somewhere in Asia.
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