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Site update: January 14 2022, at 18:15 PKST
Stock update: January 14 2022.

Recent Financial News in the 'refinery' category

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Thursday, January 13 2022

Cnergyico in final talks to acquire nearly 57% stake in Puma Energy Pakistan
Cnergyico Pk Limited (CNERGY), formerly known as Byco Petroleum, is in final talks to acquire a controlling stake of nearly 57% in Puma Energy Pakistan Pvt limited, which will double its retail business and make it the country's largest privately-owned fuel retailer with record gasoline sales, Bloomberg reported today. As per the news agency, the deal, worth more than 4 billion rupees ($23 million) could be announced as early as this week. Last month, the board of directors of CNERGY, gave go-ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for the acquisition of its majority stake therein. The deal will add 542 fuel stations to Cnergyico's holdings, taking its total to about 1,000. The state-owned Pakistan State Oil (PSO) has 3,500 retail stations and Shell has 766 outlets across the country. Moreover, Cnergyico will continue to operate the two brands separately, Bloomberg quoted.
Related news categories: business economic-indicators misc psx refinery stock-exchanges
Related symbols: cnergy (news stock)

CCOE to discuss refinery policy
The Pakistan Oil Refinery Policy 2021 has turned into a shuttlecock between the Ministry of Energy and Cabinet Committee on Energy (CCOE) which has sparked uncertainty in the refining sector that plans to invest $5 billion to upgrade projects. The delay in reaching a decision by the CCOE has marred the investment plans of refineries. CCOE has already approved Refinery Policy 2021 however it capped the incremental revenue for upgradation. Earlier, CCOE had raised several questions regarding collection of deemed duty by refineries and investment on upgradation projects. Petroleum division had informed CCOE that refineries had collected around Rs200 billion and they had invested the same on upgradation schemes. The draft of refining policy had been on agenda several times but CCOE either deferred its consideration or did not take up the agenda. Byco has already begun work on upgradation of conversion plant to convert furnace oil into byproducts.
Related news categories: business economic-indicators misc refinery

Thursday, January 06 2022

Refineries lament IPPs still not lifting furnace oil
Operational constraints continue to affect the oil refining sector even though the local crude processors first raised the issue more than a month ago. Independent power producers (IPPs) are still not lifting locally processed furnace oil that they’re required to store on their premises for emergency use, said Mohammad Wasi Khan, chairman of Cnergyico PK Ltd (formerly Byco Petroleum), while speaking to Dawn on Wednesday. The country’s energy managers imported excess furnace oil for IPPs while expecting a shortage of LNG in winter months given its unusually high international prices. Their miscalculation created a glut in the local market as the five refineries were left with huge stocks that IPPs refused to lift. As a result, Cnergyico PK Ltd along with Pakistan Refinery Ltd and National Refinery Ltd had to suspend their operations last month.
Related news categories: business economic-indicators misc refinery

Friday, December 31 2021

PRL’s refinery operations restored
The management of Pakistan Refinery Limited (PRL) has decided to restart the refinery operations from 1st January 2022, company's filing on PSX showed on Friday. To recall, the refinery operations were temporarily shut down on December 16, 2021, owing to operational and ullage constraints.
Related news categories: business economic-indicators misc psx refinery stock-exchanges
Related symbols: prl (news stock)

Wednesday, December 29 2021

Pak Refinery unveils $1.2bn expansion plans
Pakistan Refinery Ltd (PRL) has decided to expand and upgrade its production capacity at an estimated cost of $1.2 billion, a securities filing said on Tuesday. Speaking to Dawn, PRL Managing Director Zahid Mir said the project will double the company’s installed refining capacity to 100,000 barrels per day in five years. “Daily petrol production will increase from 750 tonnes to 4,000 tonnes while diesel production will rise from 2,000 tonnes to 5,000 tonnes,” he said. PRL is currently operating at around 60pc of its installed capacity, he said. That’s mainly because the demand for its major product — furnace oil — went down substantially post-2017 as the country changed its fuel mix for power generation in favour of imported liquefied natural gas (LNG). The capacity utilisation levels are low across all five refineries for the same reason. The government is now encouraging the refineries to start producing Euro V and VI fuels while phasing out their furnace oil production capacities.
Related news categories: business economic-indicators misc psx refinery stock-exchanges
Related symbols: prl (news stock)

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