Cnergyico terms news regarding shutdown of its Refinery 'highly misleading'

MG News | May 18, 2022 at 04:55 PM GMT+05:00

0:00

May 18, 2022 (MLN): Cnergyico PK Limited has termed the news published in the section of the media claiming that 'Cnergyico Refinery shut down on cash flow concerns', highly misleading and projecting an image that the company has shut down its operations.

In a notice to Exchange, company stated that refinery was temporarily taken out of circulation for a few days due to a delay in arrival of crude oil cargo, which arrived on May 16, 2022, at the SPM and is under clearance.

The production plan for the remaining part of the month will make up for the deficit. In the month of June, the refineries expect 2-3 further cargoes depending on the refineries throughputs.
However, the challenges relating to increasing crude oil prices and the massive devaluation of the PKR remain significant and on-going, for which the Company is in active discussions with its financial institutions, the notice said.

Cnergyico management assures that the Company is to keep its stakeholders and shareholders up to date on the progress.

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