ISLAMABAD – In a positive development, Pakistan achieved status of the OilExporting Nation.
Pakistan has achieved status of an exporter of furnace oillink as a prominent refinery’s shiploaded with the fuel left Karachi Port early in the morning on Tuesday.
The government bailed out the outdated refineries for a limited period oftwo months. It enabled resumption of power production from the oil-utilisedplants to allow refineries overcome the problem of furnace oillink supply.
“After February 28, the government will not take any responsibility for furnaceoil link and companies (refineries)will deal with it by themselves,” an official at the Petroleum Divisiontold a private news agency.
“Byco refinery has planned to export around 25,000 tons of furnace oil…,”the Petroleum Division official said. When contacted, Byco neither providedconfirmation nor issued denial of the particular development.
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According to private media organisation, it currently remains unknownregarding which is the country labelled as export destination of thePakistani cargo.
A market source, however, stated it was going to an oil-rich Middle Easterncountry.
The source further informed that the refinery was exporting the cargothrough a Dutch-based international oil trading firm, which had a majorstake in a local oil marketing company and operated storages in Pakistan.“OMCs procure furnace oil link fromthe refineries as per demand of power producers,” he said.
