Crude Oil Production Witnesses 12.8% Surge, Import Declines By 15.38%

The country's domestic production of crude oil has witnessed around 12. 8 percent increase during a nine-month period of the current fiscal year from July-March

ISLAMABAD, (UrduPoint / Pakistan Point News - 10th Jun, 2019 ):The country's domestic production of crude oil has witnessed around 12. 8 percent increase during a nine-month period of the current fiscal year from July-March.

According to Pakistan Economic Survey 2018-19 unveiled by Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh, the domestic production of crude oil remained 24.6 million barrels during the period under review as compared to 21.8 million barrels in the same period last year.

Whereas, the oil import decreased by 15.38 percent, mainly due to increase in international prices. The quantity of imported crude oil remained 6.6 million tons worth $ 3.4 billion as compared to 7.8 million tons worth $ 2.9 billion during the same period last year.

Highlighting efforts of the government to achieve self-sufficiency in oil refining sector, the document provided information that Byco Oil Pakistan Limited (Byco) had established an Oil Refinery at Hub, Balochistan, having capacity to purify 120,000 Barrel Per Day (5 million tons/annum) at a cost of $ 400 million.

Byco has also installed Single Buoy Mooring (SBM) facilities for transportation of imported Crude Oil and petroleum products from ships to the storages tanks. The capacity of said facility is 12 M. tons per annum.

Similarly, Attock Refinery Limited (ARL) has started producing Euro-II (0.05 % Sulphur HSD), besides it installed isomerization plant and enhanced the production of Motor Gasoline.

While, Pakistan Refinery Limited (PRL) has installed isomerization plant in 2016 and since then has doubled its production of Motor Gasoline.

Whereas, Pak Arab Refinery Limited (PARCO) is implementing its Coastal Refinery project at Khalifa Point, near Hub, Balochistan, which is a state of the art refinery having capacity of 250,000 barrels per day (over 11 Million tons per annum) with an estimated cost of over $ 5 billion.