March 9, 2020 (MLN): The Board of Directors of Byco Petroleum Limited, in its meeting held on March 9, 2020, has decided in principle to set up a diesel hydro de-sulphurising unit and a fluid catalytic cracking unit with the facilitation from Byco Industries Incorporated, being the majority shareholder of the Company.
Consequently, for such purpose, the Board has resolved to call an extraordinary general meeting of the shareholders for seeking approval/authorization to enter into transactions/arrangements with the Company's related party, Cnergyico PK Limited, for leasing of necessary assets/ components by the Company from CPL, which will be assembled into refinery units, including a diesel hydro de-sulphurising unit and a fluid catalytic cracking unit.
The company will also be seeking approval for availing a subordinated loan from CPL, for constructing, installing, commissioning and making operational the processing units, which shall enable the Company to reduce sulphur content in diesel and convert furnace oil into gasoline and diesel for use in its business and ancillary arrangements.
