By an OGJ Online Correspondent
KARACHI, Aug. 20 -- Bosicor (Pakistan) Ltd., a refitted oil refinery located in the Balochistan province, will start production in February 2002, according to Chairman and CEO Parvez Abbasi.
Previously, the refinery was set to come on stream by December 2001 (OGJ Online, May 29, 2001).
The $50 million plant will have a capacity of about 30,000 b/d. It will produce six petroleum products, including diesel fuel and fuel oil, and 50,000-70,000 tonnes/year of naphtha.
Abbasi said the Bosicor oil refinery would purchase crude oil from a Qatar-based company. Pakistan State Oil will buy all the refinery production (OGJ Online, May 29, 2001).
Abbasi said that current refinery capacity in Pakistan from four existing refineries is about 11 million tonnes/year; demand is about 18 million tonnes/year. He also said petroleum prices would not fall because of the new output, because product prices in Pakistan are controlled.
Bosicor hopes to prepare a prospectus for an initial public offering within 45 days, he said.
