Byco refinery to resume production

KARACHI: Byco Petroleum Pakistan Limited has notified the bourse that the company will resume production from its 120,000 barrels/day refinery and start supplying products to the market by August 5, 2017.

“Company will resume production from its 120,000bpd refinery with new crude charge heater/furnace, which is much better in efficiency and equipped with modern safety and security controls,” Byco company secretary Mujahid Muqtadir said in a notice to the bourse.

“Pre-commissioning and commissioning activities of plant are in progress and utilities and offsite facilities have already been commissioned.”

The refinery in Hub was damaged when a crude oil heater caught fire only three months after it was inaugurated in 2015. The refinery, having a nameplate capacity of 120,000bpd, will take Byco’s installed capacity to 155,000bpd making it the largest refinery in the country.

Byco's operational refinery has a capacity to refine 35,000bpd of crude oil into various saleable components. For the quarter ended March 31, 2017, Byco Petroleum had announced a net profit of Rs565.782 million translated into earnings per share (EPS) of Rs0.58. Company’s share surged 2.8 percent on Monday to close at Rs20.73/share.