Pakistan to ramp up crude oil production 25 per cent

Pakistan would ramp up crude oil production would by 25 per cent to 100,000 barrels per day by the end of March 2013 to cater to domestic energy needs, Dr Asim Hussain, advisor to the Pakistan prime minister on petroleum and natural resources yesterday.
 
Dr Asim was interacting with media persons at the inauguration ceremony of the operational block of the recently completed Byco Oil Refining Complex in Balochistan.

Pakistan has been hit by a crippling power shortage across the country that has resulted in widespread public agitation and closures of fractories.

On commissioning, the new refinery would have an installed refining capacity of 120, 000 barrels per day, the largest oil refining capacity of any refinery in the country. This would take the combined output of the existing and fully operative smaller refinery, to over 155,000 barrels per day which was 55 per cent higher than the existing largest refinery in Pakistan.

It would thus result in enhancement of overall crude oil refining capacity in Pakistan from existing 12.25 to 18 million tons per year, significantly contributing to reducing import of deficit refined petroleum products in the country. This refinery could be further expanded up to 180,000 bpd.

According to Dr Asim, the government was making timely payments to the companies for purchase of furnace oil in order to reduce circular debt.
 
''Presently we have 44 oil rigs which need to be increased to 100 to cater to the country's oil needs,'' he said.
 
Praising Byco for investment in the oil and refining sector of the country, he said it sent a positive signal about investment opportunities in Pakistan. ''Let Byco's commitment to the oil refining sector of the country be an example to all investors that Pakistan is a country with huge potential and is ready to welcome both foreign and local investors,'' he added.

Amir Abbassciy, CEO Byco Industries Incorporated (BII),  said the first parcel of crude oil for the refinery would be brought in the next few days to the country's first single point mooring installed 10.4km into the Arabian Sea for direct discharge to the refinery storage tanks.