Karachi, Byco Petroleum Pakistan Limited informed Pakistan Stock Exchange that Board of Directors has considered and approved a change in Company’s name from the Company to ‘Cinergyco PK Limited’. Consequently, for such purpose, the Board has also resolved to call an extraordinary general meeting for seeking approval / authorization of the shareholders in respect thereof.
Byco Petroleum Pakistan Limited was incorporated in Pakistan as a public limited company on January 9, 1995. The foundations of the company are laid under the Companies Ordinance, 1984. The certificate of commencement of business was awarded to the company on March 13, 1995. Byco Oil Pakistan Limited is the parent company and holds 82.27% shares in the company. It is a wholly owned subsidiary of Byco Industries Incorporated, Mauritius which acts as the ultimate parent company. The company is principally engaged in the production, marketing and sale of petroleum products. The shares of the company are listed on Pakistan Stock Exchange. The registered office is situated at Karachi.
The company operates using two major activities namely Oil Refinery Business and Petroleum Marketing Business. Crude oil refining business commenced in 2004 with a rated capacity of 35,000 barrels per day. It is engaged in the business of refining crude oil into various saleable components including Liquefied Petroleum Gas, Light Naphtha, Heavy Naphtha, High Octane Blending Component, Motor Gasoline, Kerosene, Jet Fuels, High Speed Diesel and Furnace Oil. The Oil Refinery is located at Hub, Balochistan. Petroleum Marketing Business was launched in 2007 and comprises 231 retail outlets across the country. The wholly owned subsidiary of the company is Byco Terminal Pakistan Limited incorporated in Pakistan as a private limited company on June 14, 2002.
The symbol “BYCO” is being used by the stock exchanges for the shares of Byco Petroleum Pakistan Limited.