Karachi, Pak Refinery Limited informed Pakistan Stock Exchange about increasing the shares of the company acquired by Pakistan State Oil Limited. Pakistan State Oil Limited intends to increase its Shareholding in the company from 22.5% to 49.17%.
Pakistan Refinery Limited was incorporated in Pakistan as a public limited company in May, 1960. The foundations of the company are based on the Companies Ordinance, 1984. The company is engaged in the production and sale of petroleum products the domestic market and Pakistan defense forces. The shares of the company are quoted on the Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the company is situated in Karachi.
The refinery is operating at two locations. Main processing facility is located at Korangi Creek with supporting crude berthing and storage facility at Kemari. The design capacity of the refinery is 2.1 million tons per annum. The company is a hydro skimming refinery designed to process various imported and local crude oil to meet the strategic and domestic fuel requirements of the country. The refinery has a capacity of processing 47,000 barrels per day of crude oil into a variety of distilled petroleum products such as furnace oil, high speed diesel, kerosene oil, jet fuel and motor gasoline etc.
The symbol “BYCO” is being used by the stock exchanges for the shares of Byco Petroleum Pakistan Limited.