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Pak-Arab Refinery
Energy company in Pakistan From Wikipedia, the free encyclopedia
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Pak-Arab Refinery Company Limited (PARCO) (Urdu: پاک عرب ریفائنری) is a Pakistani 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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History
PARCO, 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]
In 2010, the company set up a Diesel Hydro Desulfurization Unit to ensure that Diesel produced by the refinery meets international Euro-II standards. In bitumen, PARCO commissioned a 500 t d Biturox oxidation unit at its Mehmood Kot refinery in 2012.[6]
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 annouced to build its coastal refinery project near Hub, Balochistan, which would be have a capacity of 250,000 barrels per day with an estimated cost of over $ 5 billion.[7][3]
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Subsidaries
PARCO Gunvor
PARCO Gunvor Limited was founded in late 2002 as Total PARCO Pakistan Limited, a joint venture between PARCO and TotalEnergies, and began retail operations the following year.[8]
In 2009, a 50,000 t y lubricant-blending plant at Port Qasim, Karachi, became operational under its subsidiary Total Atlas Lubricants Pakistan, a joint venture with the Atlas Group first formed in 1997.[9]
In 2013, Total PARCO acquired 438 petrol stations of Chevron Pakistan.[10] Total Parco then re-branded roughly 438 Caltex petrol stations within 18 months.[11][12]
In 2024, TotalEnergies exited Pakistan and sold its 50 percent stake in Total PARCO to Gunvor and Total PARCO was renamed as PARCO Gunvor Limited.[13]
PARCO Gunvor manages more than 800 multi-product service stations that sell motor gasoline, diesel, compressed natural gas (CNG) and lubricants, supported by depots, coastal terminals and integration with PARCO’s 2,000-kilometre pipeline grid.[14]
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Board of directors
See also
References
External links
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