Byco confirms 25,000Mt HSFO exported from Pakistan to Asia
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KARACHI: Pakistan’s most innovative Oil Company, Byco Petroleum Pakistan Ltd has confirmed that it has exported first consignment of 25,0000 metric tons of High Sulfur Furnace Oil (HSFO) from Pakistan to Asia.
In a statement here on Tuesday, it said that Byco has become the first company in Pakistan to export HSFO. This is potentially a solution to the long-standing problem that Pakistan’s domestic refineries have faced since the country’s fuel mix has evolved. With dwindling local demand of HSFO within Pakistan and the passing of the IMO on 1 January 2020, furnace oil demand had dropped to almost nil. But Byco’s initiative of exporting HSFO could restore some hope for the industry. The first consignment of 25,000 metric tons is currently being loaded on to the Roy Maersk vessel at Keamari port.
Byco’s CEO, Amir Abbasi, commented on the occasion, “Byco believes that in every challenge lies an opportunity. Innovation is the key that will lead Pakistan to becoming self-sufficient in energy production. Byco is pleased to be the first company in Pakistan to export HSFO. This is another first in Byco’s growing list of innovations: previously Byco installed the first Single Point Mooring (SPM) in Pakistan which is the first floating liquid port which is dedicated to the import and export of crude oil and refined petroleum products.”
The furnace oil crisis was becoming a very serious existential threat for Pakistan’s refineries which are based on hydro-skimming technology which produce 30-40% furnace oil from the distillation of crude oil. Exporting furnace oil will not end the crisis completely, but it shines a light of hope for the refining industry. Eventually refineries will have to invest heavily into the upgrade of their installations which will take time and large amounts of capital. In the meantime though the successful export of HSFO will go a long way to charting a course out of the crisis.
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