News Post
Trans-Asia Oil Refinery in Offering After BYCO
A private sector petroleum company Trans-Asia is going to set up a refinery having capacity to develop 100,000 barrels oil per day (bpd) followed by the Byco that had established the country’s largest production unit in Balochistan in second week of the current month. Setting up of back-to-back oil refineries speak about the present government’s seriousness towards resolving the energy crisis and achieving self-sufficiency in this sector, official sources in the Ministry of Petroleum and Natural Resources said while talking to media.
Local as well as foreign investors, they said, were reposing confidence in prudent and business-friendly economic policies introduced by the government and making huge investments in the energy sector.”A company Trans-Asia will set up a refinery having capacity to develop 100,000 barrels oil per day in Pakistan, for which it has imported all the requiredmachinery and equipment.
The company will itself announce the launching date after completing all the required formalities,” they added.
On June 12 this year, they said, the Byco Petroleum Company had set up the country’s largest oil refinery complex in Hub, Balochistan, with the capacity of refining 120,000 barrels crude oil per day. “The facility will increase energy security and reduce dependency on others.
“They said the country’s oil refining capacity had dropped from the 50 per cent mark, which was not considered a good sign for national economy.
Presently as many as six oil refineries were operating in the country and they had full capacity to refine the product as per needs of the country, they said adding that a lot of work was still to be done in exploration sector to achieve autarky. —APP
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