Pakistan’s Bosicor to invest in oil sector

In a bid to become Pakistan’s petroleum market leader, a top executive from Bosicor Pakistan Ltd. said that the company would invest US$500 million during the next two years for expansion purposes. According to Chairman Amir Abassciy, the money will fund refinery units, oil storage and petrochemical plants to be completed within two years. Investments in oil refining and principal units reportedly would be complete in June 2010. Another project, which the chairman did not specify, said to be 43% complete, would increase refinery capacity to 115,000 barrels per day (bpd). Bosicor aims to produce 5.5 million metric tons of petroleum products for both domestic consumption and export. As such, a crude oil tank also will be built by next year, with a capacity of 144,000 metric tons. (April 8, 2009)