Byco Petroleum announces setting up diesel hydro de-sulphurising unit

KARACHI: Byco Petroleum Pakistan Limited has announced to set up a diesel hydro de-sulphurising unit and a fluid catalytic cracking unit with the facilitation from Byco Industries Incorporated.

In an information shared with Pakistan Stock Exchange (PSX) on Monday, the company said that a meeting of the Board of Directors of Byco Petroleum Pakistan Limited was held on Monday, March 09, 2020 and decided in-principal to set up: a diesel hydro de-sulphurising unit; and a fluid catalytic cracking unit.

These facilities will be set up with the facilitation from Byco Industries Incorporated, being the majority stakeholders of the company.

Consequently, for such purpose, the board resolved to call an extraordinary general meeting of the shareholders for seeking approval/authorization to enter into transactions/arrangements with the company’s related party, Cnergyico PK Limited (CPL) for: leasing of necessary assets/components by the company from CPL, which will be assembled into refinery units, including (a) a diesel hydro de-sulphurising unit and (b) a fluit catalytic cracking unit; and availing a subordinated loan from CPL, for the purpose of installing, commissioning and making operational the processing units, which shall enable the company to reduce sulphur content in diesel and convert furnace oil into gasoline and diesel for use in its business and ancillary arrangements.

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