Our Special Correspondent
Byco Petroleum Limited has planned to expand its operations with the facility with the help of two deepwater floating Single Point Mooring (SPMs) to enhance its production of petroleum products in next few years.
The company in its first stage will increase its production through setting up of SPMs in the phases which it has already sought permission from the concerned authorities.
This was stated by the Vice President, Commercial, at Byco Petroleum Limited, Asad Azhar Siddiqui while talking to the media here on Monday.
The SMPs will enhance the production of the existing refining units of the refinery comprising two plants having a capacity output of 120,000 barrel per day and 35,000 per barrel each, which is currently under-utilized and will be gradually going to increase its production. At present, the refinery is producing 75,000 barrel due to the lowering demand for the furnace oil in the power plants.
Currently, the company is working to substitute its production of furnace oil with motor gasoline (petrol). Byco would be the first one in the industry to upgrade its plant in the industry. The company will set up Fluid Catalytic Cracking (FCC) that will substitute the consumption of furnace oil into petrol from the crude oil, he further unfolded company’s expansion plans without giving any deadlines.
Byco is also operating its 320 outlets countrywide however it also continues its 50 percent supplies to petrol pumps of different marketing companies. The company is the only refinery with a deep sea floating SPM facility to pump crude oil directly to its storage tanks from oil tanker saving time in transporting oil to refining facility.
The domestic consumption of various petroleum products reaches 27 million ton per day. It met 60 percent from the imports while the contribution of local refineries stands only at 40 percent.
Due to increasing economic activities in the country and the development of infrastructure are being planned to keep in view of China Pakistan Economic Corridor (CPEC), refineries including Byco is enhancing its future production capacity which would be expected to help the government’s long-term economic goals.