Byco resolves to rename company

KARACHI: The board of directors of Byco Petroleum Pakistan Ltd, Pakistan’s largest refining company, met this week and resolved to change the name of the company from Byco Petroleum Pakistan Limited to Cinergyco PK Limited, a statement said on Saturday.

Over the years, five group companies had merged successively to form the company that now will be called Cinergyco PK Limited, it added.

In this regard, an extraordinary general meeting will be called for shareholders’ approval of the same.

Amir Abbassciy, chief executive officer, Byco Petroleum Pakistan Limited, speaking after the board meeting, said: “Innovation is at the heart of our company since its inception, incorporated as Bosicor in 1995. Starting with a refining capacity of only 13,000 barrels/day in 2004, in only 11 years we became Pakistan’s leading refining company with a design capacity of 156,000 barrels/day.”

“In 2009, we rebranded ourselves as Byco. In 2012, we commissioned Pakistan’s first and as yet only floating liquid port, a Single Point Mooring (SPM) situated in the deep sea, allowing crude oil and refined products to be delivered to our storage tanks via a 12 km sub-sea pipeline.”