Pak-Arab Refinery Company Limited (PARCO) (Urdu: پاک عرب ریفائنری) is a Pakistani joint venture oil and gas company active in refining, transporting and marketing petroleum products.[2] It is a joint-venture between governments of Pakistan and Abu Dhabi.[3][4][5]
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| Company type | Unlisted public company |
|---|---|
| Industry | Refinery |
| Founded | 1974  |
| Headquarters | Karachi-75190, Pakistan |
Key people | Irteza Ali Qureshi (managing director) |
| Products | Oil, high speed diesel, kerosene oil, and petroleum distillates |
| Revenue |  Rs. 956.040 billion (US$3.3 billion) (2023) |
 Rs. 114.336 billion (US$400 million) (2023) | |
| Rs. 66.596 billion (US$230 million) (2023) | |
| Total assets | Rs. 381.433 billion (US$1.3 billion) (2023) |
| Total equity | Rs. 173.283 billion (US$600 million) (2023) |
| Owner | Government of Pakistan (60%) Mubadala Investment Company(40%) |
| Subsidiaries | Total Parco PARCO Coastal Refinery |
| Website | parco |
| Footnotes / references Financials as of 30 June 2023[update][1] | |
Business operations
editPARCO, a joint venture between Government of Pakistan and the Emirate of Abu Dhabi was incorporated as a public limited company in 1974. The Government of Pakistan holds 60% of the share holding while 40% of the shares are held by Emirate of Abu Dhabi.[2]
The major business activities include Crude Oil Refining and Transportation, Storage and Marketing of petroleum products. With a refining capacity of 120,000 Barrels Per Day, combined storage capacity of over one million tons, a marketing joint venture with TOTAL (France) and a technical support venture with OMV (Austria); PARCO is the strategic fuel supplier for Pakistan. The organization encompasses Pakistan's second largest refinery (after Byco Petroleum Pakistan Ltd's ORC-2) and 2000 km of cross country pipeline network, including that of its subsidiary PAPCO. In 2010, the company set up a Diesel Hydro Desulfurization Unit to ensure that Diesel produced by the refinery meets international Euro-II standards. PARCO also commissioned a Biturox plant in 2012, which is expected to produce road paving bitumen. Pak-Arab Refinery Limited is a member of Oil Companies Advisory Council of Pakistan.
In September 2012, Pak-Arab Refinery completed its first acquisition by acquiring 100% shareholding of SHV Energy Pakistan, which prior to the acquisition was Pakistan's largest LPG marketing company and PARCO's strategic partner since 2001. On 12 April 2017, the company announced that it will use technologies from Honeywell to upgrade its refinery near Multan, Pakistan to produce cleaner-burning fuels. In 2019, Pak-Arab Refinery was building its coastal refinery project near Hub, Balochistan, which would be a state of the art refinery with capacity of 250,000 barrels per day with an estimated cost of over $ 5 billion.[6][3]
Business products
editTotal PARCO
editThis company has retail outlets throughout Pakistan for its products:
- Retail Fuels & Lubricants
- High Speed Diesel[5]
- Light Speed Diesel
- Liquefied Petroleum Gas (LPG)
- Jet fuel
- Furnace Oil
- Kerosene Oil
Board of directors
editSee also
edit
References
edit- ^ "Pak-Arab Refinery Annual Report 2023" (PDF). Retrieved 1 August 2024.
- ^ a b c d e f Prime Minister (PM) approves new Board of Directors Business Recorder (newspaper), Published 28 April 2020, Retrieved 14 September 2020
- ^ a b Sohail Iqbal Bhatti (1 July 2016). "PARCO to build Pakistan's 'biggest oil refinery' in Hub". Dawn (newspaper). Retrieved 15 September 2020.
- ^ Parvez Jabri (6 September 2011). "Prime Minister urges PARCO to invest in energy sector". Business Recorder (newspaper). Retrieved 14 September 2020.
- ^ a b Himendra Mohan Kumar (24 July 2008). "UAE - Pakistan trade touches $7 billion". Gulf News website. Retrieved 15 September 2020.
- ^ Imaduddin (9 July 2019). "Oil refineries directed to produce fuel conforming latest vehicles". Business Recorder (newspaper). Associated Press of Pakistan. Retrieved 14 September 2020.