Byco Refinery Suspends Production For Low POL Demand

Byco Petroleum Pakistan Limited-Pakistan's largest oil refinery (by design and installed capacity) has been constrained to put its refinery on cold circulation due to very low demand for petroleum products

KARACHI, (UrduPoint / Pakistan Point News - 30th Mar, 2020 ):Byco Petroleum Pakistan Limited-Pakistan's largest oil refinery (by design and installed capacity) has been constrained to put its refinery on cold circulation due to very low demand for petroleum products.

Consumption of POL products in the country have fallen drastically after lock-down in the provinces for effectively controlling the possible spread of coronavirus, which had gripped almost entire world.

Byco chose not to fully shutdown the refining complex so that crude refining operations could be restarted within hours when the demand picked up again.

"Byco appreciates the Ministry of Energy's proactive steps, and supports Government of Pakistan's stance of prioritizing consumption of domestic crude oil and condensate; keeping domestic refineries operating and minimizing import of POL products," the statement said.

The Byco is hopeful that oil marketing companies will abide by the directives issued by the Ministry of Energy OMCs to stop importing the POL products and increase off-take of petroleum products from domestic refineries.

"We anticipate, demand will pick up soon so that we can quickly resume production at Byco," it said.

The country's refining industry stands shoulder-to-shoulder with the nation to persevere against the challenge of the COVID-19 pandemic. We pray and trust that Pakistan will emerge stronger subsequent to successfully countering the pandemic," said Fayaz Ahmad Khan, Vice President of Commercial at Byco Petroleum Pakistan Limited.

The Ministry of Energy, through an official order, recently advised OMC's to cancel their import orders for petroleum products from April 1, 2020 to support Pakistan's domestic refining industry, and energy and power sector.

Pakistan's domestic oil refiners including Byco, National Refinery, Pakistan Refinery Limited, and Parco have been deemed as essential services by the Ministry of Energy through a recent order.

The Ministry notified law enforcement agencies that all of the nation's refiners must be allowed to continue uninterrupted supply of fuel throughout the country.

The Ministry further guaranteed free movement for the industry's employees, vendors, and contractors to ensure availability of petroleum products at all petrol pumps across the country, in the midst of the nationwide lockdown.

Byco lauds the MoE's steps to direct law enforcement agencies to facilitate the unhindered movement of refineries and OMC's, including their employees, subcontractors/vendors, and vehicles so that an uninterrupted supply of petroleum products in the country can be maintained.

Byco Petroleum Pakistan Limited (BPPL) is one of Pakistan's leading energy firms engaged in the businesses of oil refining, petroleum marketing, and petroleum logistics. Byco's mission is to meet the nation's energy. The Company manufactures a wide range of petroleum products with a vision to achieve sustainable productivity and profitability while upholding high environmental, health and safety standards.