Byco denies rumours of production from two units

January 11, 2021

672

Pakistan’s leading Oil Refinery and Marketing Company Byco Petroleum has denied information circulating on various WhatsApp Groups where it is rumoured that BYCO started production from its Diesel Hydro DeSulphurising Unit and Fluid Cracking Unit.

In a notice to the Pakistan Stock Exchange, BYCO has conveyed: “The Company wishes to draw the attention of Exchange to false information circulating on WhatsApp groups stating that Byco Petroleum has started production from two units (Diesel Hydro DeSulphurising Unit and Fluid Cracking Unit) with the facilitation of its subsidiary Byco Industries Incorporated.”

Byco Petroleum statement ‘strongly denies’ the accuracy of the information stated in WhatsApp circulations, further clarifying that it does not reflect the factual position on the matter.

BYCO as part of its Upgrade Project had announced earlier last year that it would install Fluid Catalytic Cracking (“FCC”) unit along with its associated plants for cracking of furnace oil into Gasoline and Diesel and a Diesel Hydro Desulfurization (“DHDS”) unit for removal of Sulfur from Diesel,” the company stated.

Byco had previously informed the exchange that a groundbreaking ceremony was held on Saturday, January 09, 2021 to commence civil construction of the project.

The notice further states: “We further clarify that the company, its sponsors, major shareholders and directors have no connection to the above-cited false WhatsApp circulation which has apparently caused an unexpected rally in Company’s shares traded on the PSX”