Islamabad, December 23, 2012 (PPI-OT): Dr. Asim Hussain, Advisor to the Prime Minister on Petroleum and Natural Resources, praised Byco for its $600 million investment in the oil and refining sector of the country which sends a positive signal about investment opportunities in Pakistan.
He said this while inaugurating the operational block of the recently completed Byco Oil Refining Complex, at Mouza Kund, District Lasbella, Balochistan. He was accompanied by Mr. Amir Abbasi, CEO-Byco Industries Incorporated and other dignitaries.
Dr. Asim Hussain said, “Let Byco’s commitment to the oil refining sector of the country be an example to all investors that Pakistan is a country of huge potential and is ready to welcome both foreign and local investors”. Advisor on Petroleum re-iterated that the Government has brought in necessary policy mechanisms that are investor friendly and market oriented. The recently announced Petroleum Policy 2012 went through an extensive consultative process and hence contains provisions mutually beneficial for the Government and upstream oil and gas sector.
Mr. Amir Abbassi, CEO Byco Industries Incorporated, thanked the Advisor for taking time out from his hectic schedule to visit the refinery. He added, “With the blessings of the Almighty, we have finally achieved what we set out to do 5 years ago. However, the journey is only half-done and soon after the commissioning of the Byco Oil Refining Complex, we will focus all our endeavours on constructing the country’s 1st Petrochemical Complex.”
It is worth mentioning that, once commissioned, this new Refinery will have an installed refining capacity of 120, 000 barrels per day, the largest oil refining capacity of any refinery in the country. Combined with the existing and fully operative smaller Refinery, the cumulative capacity shall be over 155,000 barrels per day which is 55% higher than the existing largest refinery in Pakistan.
Thus it will enhance overall crude oil refining capacity in the country from existing 12.25 to 18 million tons per year and will significantly contribute in reducing import of deficit refined petroleum products in the country. This Refinery can be further expanded up to 180,000 bpd.
At present the Refinery is in state of commissioning and preparatory activities wherein different Plants, Equipment and Instrumentation are being put to confirmatory checks and tests. Cold circulation of crude oil has already been established and sustained. Also Furnaces of different Process Units have been test fired. The Refinery is ready for hot commissioning and start up.
Following the ribbon cutting, Dr. Asim Hussain was taken on a tour of the sprawling complex where he was apprised of the various functions of the complex. He was also informed of the country’s Single Point Mooring that will feed crude oil from the tanker to the Refinery, in the process cutting the cost of refining by almost $4 /mt.
The first parcel of crude oil for this Refinery will be brought in next few days to the Country’s first single point mooring installed 10.4 km into the Arabian Sea for direct discharge to the Refinery storage tanks. This facility can discharge tankers carrying over 100,000 metric tons of crude oil.
For more information, contact:
Ministry for Petroleum and Natural Resources
Tel: +9251 921 0220 -9206416
Fax: +9251 921 3180