BYCO denies having started production from its two units with the facilitation of its subsidiary

January 11, 2021 (MLN): Byco Petroleum Limited has shut down false information circulating on WhatsApp groups stating that the Company has started production from two units (Diesel Hydro DeSulphurising Unit and Fluid Cracking Unit) with the facilitation of its subsidiary Byco Industries Incorporated.

The Company has strongly denied the accuracy of the information stated in above WhatsApp circulation and made it clear that it does not reflect the factual position on the matter.

‘As disclosed at its Extraordinary General Meeting held on April 02, 2020, that as part of its Upgrade Project, Byco Petroleum Pakistan Limited 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 said in a notice to PSX.

‘The Company has already made progress on the project as per the schedule. A Groundbreaking ceremony was held on Saturday, January 09, 2021 to commence civil construction of the Project’, it added.

It was further clarified in the notice that the Company, its sponsors, major shareholders and directors have no connection to the above cited false WhatsApp circulation which has apparently caused unexpected rally in Company's shares traded on the PSX.

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