Byco to expand retail network to 350 outlets
KARACHI: Byco Petroleum, which runs refinery, terminal and marketing businesses, has planned to add 50 more outlets to its existing retail network of 300 across the country in a year, said its senior official. Imran Ghaznavi, head of corporate communications at Byco said the company is growing and 50
KARACHI: Byco Petroleum, which runs refinery, terminal and marketing businesses, has planned to add 50 more outlets to its existing retail network of 300 across the country in a year, said its senior official.
Imran Ghaznavi, head of corporate communications at Byco said the company is growing and 50 retail outlets will be added in a year.
Talking about a recent fire incident at Byco’s facility, Ghaznavi said its refinery, which has 35,000 barrels/day (bpd) of production and is listed on the stock exchange, is operational without any damage. Byco has two oil refineries.
“The accident occurred in the new refinery, which has 120,000 bpd [of production] with two sectional box type furnace; the second section was affected,” he said. “Hopefully, it will be operational soon, as our technical teams are working day and night.” Once the new refinery is able to run at maximum rates, Pakistan’s overall refining capacity will increase to about 400,820 bpd from the current 284,800 bpd.
Moreover, Byco’s single point mooring (SPM), the first and thus far the only SPM in Pakistan, has been included as a new port in the amendment circular issued globally by Worldscale, UK-based unified system of establishing payment of freight rate for oil tanker’s cargo.
Worldscale is the name given to the data produced by Worldscale Association (NYC) Inc. for the Americas and by Worldscale Association (London) Ltd., for the rest of the world.
The freight for a given ship and voyage is normally expressed in a percentage of the published rate and is supposed to reflect the freight market demand at the time of fixing.
“This is yet another feather in the cap for the hard working team at Byco. Not only is the SPM operating successfully, it also continues to realise the fruits of labour,” Ghaznavi added.
The Byco SPM, commissioned on December 26, 2012, set up at a distance of 14-kilometre in the Arabian Sea, has so far received 59 ships. having discharged several million metric tons of cargo. It is connected to the Byco oil refining and chemical complex via a 28-inch subsea pipeline.