Islamabad: 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 stated 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 Abbassciy, CEOByco 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 reiterated 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 & gas sector.
Mr. Amir Abbassciy, 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.