Pak-Arab Refinery
 | |
| Company type | Unlisted public company |
|---|---|
| Industry | Refinery |
| Founded | 1974  |
| Headquarters | Karachi-75190, Pakistan |
Key people | Irteza Ali Qureshi (managing director) |
| Products | Oil, high speed diesel, kerosene oil, and petroleum distillates |
| Revenue |  Rs. 956.040 billion (US$3.3 billion) (2023) |
 Rs. 114.336 billion (US$400 million) (2023) | |
| Rs. 66.596 billion (US$230 million) (2023) | |
| Total assets | Rs. 381.433 billion (US$1.3 billion) (2023) |
| Total equity | Rs. 173.283 billion (US$600 million) (2023) |
| Owner | Government of Pakistan (60%) Mubadala Investment Company (40%) |
| Subsidiaries | Total Parco PARCO Coastal Refinery |
| Website | parco |
| Footnotes / references Financials as of 30 June 2023[1] | |
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]
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]
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]
Board of directors
- Anees Shakeel from Sindh[2]
- Abdul Hadi Shah from Khyber Pakhtunkhwa[2]
- Bushra Naz Malik from Punjab[2]
- Syed Aoun Raza Rizvi[2] overseas
See also
- List of oil refineries
- Pakistan Refinery Limited
- Attock Refinery Limited
- National Refinery Limited
- Byco
References
- ^ "Pak-Arab Refinery Annual Report 2023" (PDF). Retrieved 1 August 2024.
- ^ a b c d e f Prime Minister (PM) approves new Board of Directors Business Recorder, Published 28 April 2020, Retrieved 14 September 2020
- ^ a b Sohail Iqbal Bhatti (1 July 2016). "PARCO to build Pakistan's 'biggest oil refinery' in Hub". Dawn. Retrieved 15 September 2020.
- ^ Parvez Jabri (6 September 2011). "Prime Minister urges PARCO to invest in energy sector". Business Recorder. Retrieved 14 September 2020.
- ^ Himendra Mohan Kumar (24 July 2008). "UAE - Pakistan trade touches $7 billion". Gulf News website. Retrieved 15 September 2020.
- ^ "Biturox plant successfully running at PARCO" (PDF). Pörner Group (Press release). November 2012. Retrieved 5 May 2025.
- ^ Imaduddin (9 July 2019). "Oil refineries directed to produce fuel conforming latest vehicles". Business Recorder. Associated Press of Pakistan. Retrieved 14 September 2020.
- ^ "TOTAL-Parco secures 4.5 pc market share". Dawn. 27 August 2003. Retrieved 5 May 2025.
- ^ "Total launches new lubricant plant in Karachi". Fuels & Lubes Asia. 1 September 2009. Retrieved 5 May 2025.
- ^ Dinesh Nair and Michel Rose (17 September 2013). "France's Total snaps up Chevron's Pakistan retail network". Reuters News Agency website. Retrieved 15 September 2020.
- ^ "Total Parco Pakistan to complete rebranding of Caltex stations in 18 months". Fuels & Lubes Asia. 16 November 2015. Retrieved 5 May 2025.
- ^ Saeedi, Tariq Ahmed (14 November 2015). "Total Parco plans Rs 21 bn investment for Caltex acquisition". The News International. Retrieved 5 May 2025.
- ^ Hunter, Archie; Mangi, Faseeh (6 August 2024). "Gunvor to Buy 50% Stake in Total's Pakistan Fuel Stations". Bloomberg.
- ^ Shahid, Ariba (6 August 2024). "TotalEnergies to sell 50% stake in Pakistan oil marketing firm to Gunvor Group". Reuters. Retrieved 5 May 2025.