Pakistan’s largest oil refinery, Byco Petroleum Pakistan Limited has put its refinery on “cold circulation”, due to the absence of demand for POL products.
The consumption of POL products in the country has fallen drastically subsequent to the announcement of lockdowns across provinces to deal with the Coronavirus pandemic which is spreading globally.
In a statement, the company stated,
Byco chose not to fully shut down the refining complex so that crude refining operations can be restarted in a matter of hours should the demand pick up again. It appreciates the Ministry of Energy’s proactive steps and supports the GOP’s stance of prioritizing consumption of domestic crude oil and condensate, keeping domestic refineries operating, and minimizing the import of POL products. Byco is hopeful that OMC’s will act upon the MoE’s directive for oil marketing companies to stop importing the POL products and increase off-take of petroleum products from domestic refineries. We anticipate that demand will pick up soon so that we can quickly resume production at Byco.
Fayaz Ahmad Khan, Vice President of Commercial at Byco Petroleum Pakistan Limited says:
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.
Pakistan’s domestic oil refiners including Byco, Attock Refinery, National Refinery Ltd, Pakistan Refinery Ltd, and Parco have been deemed essential services by the Ministry of Energy (MoE)’s Petroleum Division through a recent order.
The Ministry of Energy recently advised OMC’s to cancel their imports of petroleum products with effect from 1 April 2020 to support Pakistan’s domestic refining industry and E&P sector.
The Ministry notified law enforcement agencies that all of the nation’s refiners must be allowed to continue to provide an uninterrupted flow of fuel throughout Pakistan.
It further guaranteed free movement for the industry’s employees, vendors, and contractors to ensure the availability of petroleum products at all petrol pumps across the country, in the midst of the nationwide lockdown.