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Site update: May 10 2021, at 08:00 PKST
Stock update: May 06 2021.

Recent Financial News about BYCO (BYCO Petroleum Pakistan Limited)

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Monday, April 19 2021

Byco begins work to produce Euro-5, 6 fuel
ISLAMABAD: Byco refinery has commenced work on establishing an upgraded plant to convert furnace oil into Euro-5/6 petrol and diesel. In January this year, Byco Petroleum Pakistan Limited conducted the groundbreaking of the project titled “Upgrade-1”. Pakistan’s fuel mix has evolved rapidly in the past four years. Until mid-2017, furnace oil or fuel oil was the main feedstock for power plants. This was switched overnight to liquefied natural gas (LNG) in October 2017 by the government’s order. Suddenly, hydro-skimming refineries had no market left for fuel oil and were at pains to store it.A byproduct of mak ing gasoline, diesel and other outputs of hydro-skimming, furnace oil was even exported by Byco in January 2020 to lessen financial losses that it incurred. The plant will clean diesel and gasoline down to 10 ppm of sulphur to comply with Euro-5/6 standards. Byco has started civil works and delivery of equipment has also been initiated, Byco Petroleum Chairman Mohammad Wasi Khan told journalists.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: byco (news stock)

Tuesday, April 13 2021

PPL receives Rs903m from Byco via NAB
KARACHI: The Paki­stan Petroleum Limited has received Rs903.218 million from the National Accountability Bureau (NAB) against outstanding receivables from Byco Petroleum Pakistan Lim­ited, the company ann­ounced on Monday. The PPL informed the Pakistan Stock Exchange (PSX) about it in a regulatory filing and said that the company would pursue for remaining over Rs253m. “In pursuance of Rule 5.6.1 of your Rules, we hereby inform you that the company has received a pay order for Rs903.218 million from the National Accountability Bureau (NAB) against long outstanding receivables of the Company from Byco Petroleum Pakistan Limited,” the filing said. “The company had recognised a provision against the debts due from Byco to the tune of the principal amount of Rs1,156.220 million. The provision will be reversed to the extent of the aforementioned amount of Rs903.218 million. The company is pursuing recovery of the remaining amount [principal as well as late payment surcharge] through NAB and the suit for recovery filed by it in the high court of Sindh at Karachi,” it added.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: byco (news stock) ppl (news stock)

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