Dr. Asim Hussain, Advisor to the Prime Minister on Petroleum and Natural Resources, has 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 at the inauguration of the operational block of the recently completed Byco Oil Refining Complex, at Mouza Kund, District Lasbella, Balochistan, says a statement issued here on Sunday.
Dr. Asim was accompanied by Amir Abbassciy, the Chief Executive Officer of Byco Industries.
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, the statement added.
Combined with the existing and fully operative smaller Refinery, the cumulative capacity shall be over 155,000 barrels per day, the statement added.
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, the statement added.
At present the refinery is in state of commissioning and preparatory activities wherein different plants, equipment and instrumentation are being put to confirmatory checks and tests.
Cold circulation of crude oil has already been established and sustained. Also Furnaces of different process units have been test fired.
The refinery is ready for the hot commissioning and the start up.
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.”
Following the ribbon cutting, Dr. Asim Hussain was taken on a tour of the sprawling complex where he was apprised of the various functions of the complex.
Dr. Asim was also informed of the country’s Single Point Mooring, that will feed crude oil from the tanker to the refinery in the process cutting the cost of refining.
Amir Abbassciy, CEO – BII, thanked the Advisor for the visit the refinery.
He added, “With the blessings of the Almighty, we have finally achieved what we set out to do five 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 endeavors on constructing the country’s first Petrochemical Complex.”
The first parcel of crude oil for this Refinery will be brought in next few days to the country’s first single point mooring installed 10.4 km into the Arabian Sea for direct discharge to the refinery storage tanks.
This facility can discharge tankers carrying over 100,000 metric tons of crude oil, the statement added.