Karachi: Byco, petroleum products’ oil refining company, has suffered a loss after tax of Rs. 2,172 million in the second quarter as compared to a loss after tax of Rs.916 million in the corresponding period last year, showing a worrisome situation of business that showed huge increase of over 137 percent of loss.
During the period under review, the net sales of the company have declined to Rs. 8,329 million as
compared to Rs. 17,622 million during the same period last year.
 The company continued facing significant working capital constraints during the period which resulted in limited supplies and interruptions in business operations.
At present, Byco has a smaller refinery having a capacity of 35,000 bpd however it planned to expand its business in near future as the company investment increased over $750 million in this refining and infrastructure project.
The country’s largest oil refinery having capacity of 120,000 barrels per day is all set to commence commissioning process by the end of June this year that enhance its refining capacity up to 156,000 bpd making it the single largest oil refining complex in Pakistan.
Byco also has plans to take immediate steps for augmenting the refining capacity. In the first phase, the refining capacity of ORC-II would be gradually enhanced to 155,000 bpd and in the second phase refinery can be revamped to increase the throughput to l80,000bpd.
The production of Byco’s new refinery, the oil refining complex II (ORC-II) will substitute up to 60 percent of Pakistan’s valuable imports.
Byco and Pakistan State Oil have signed a product sale & purchase agreement. The SPA between the two entities will ensure guaranteed sale of 65 percent of Byco’s production of various petroleum products from its new 120,000 bpd refinery to Pakistan State Oil.
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