Sunday June 26, 2022

Cnergyico refutes shutdown report

By News Desk
May 19, 2022

KARACHI: A spokesperson of Cnergyico Pk Limited has said that the headline in yesterday’s paper which claimed that ‘The Refinery has shut down on cash flow concerns’ is extremely misleading for the readers and projects image as if the company has shut its operations down.

The fact of the matter is that Refinery is ‘temporarily’ taken out of circulation due to some delay in the arrival of crude oil cargo, which is currently under clearance as per procedure, with additional 2-3 cargoes are in the line and expected soon in the country.

There are however financial constraints for the petroleum sector as a whole. Almost all OMCs and refineries are not only facing the rising trend in crude oil and product prices but also impacted heavily due to substantial devaluation of rupee against the dollar in last couple of months.

The ongoing international oil crisis has led to this delay in the arrival of crude oil cargo, however the company is extensively working to ensure uninterrupted crude oil availability and assures the stakeholders that despite the ongoing crises, Cnergyico Pk Limited is well on its way with a robust investment plan for its massive upgradation project in the coming periods.