Pakistan, one of the largest oil-importing countries, now begins exporting furnace oil

Many of the outdated refineries have been temporarily bailed out by the Government for a short period of time

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Pakistan is set to become an exporter of furnace oil as a refinery’s ship loaded with the fuel is scheduled to leave Karachi Port today.

Government Bails Out Refineries:

Many of the outdated refineries have been temporarily bailed out by the Government for a short period of time. The resumed production from these plants was initiated to overcome the furnace oil supply glut.

An official at the Petroleum Division told the media that the Government would not be responsible for these refineries after February 28th, 2020.

Oil Tanker Roy Maersk

An official at the Karachi Port Trust (KPT) confirmed the news that the Oil Tanker Roy Maersk was being loaded with furnace oil. The ship is scheduled to leave Karachi port on Sunday.

The petroleum division official also confirmed that the cargo was from Byco refinery. They are planning to export around 25,000 tons of furnace oil. Byco refinery neither confirmed nor denied the news.

Unknown Destination:

The export destination of the Pakistani cargo or name of the country remains unknown. An unofficial source claims that it is going to an oil-rich Middle Eastern country. Byco refinery is said to be exporting the cargo through a Dutch-based international oil trading firm, which has significant shares and storage operations in Pakistan.

Refineries Stocks Decreasing:

The Petroleum Division official said that due to furnace oil consumption by power producers, the refineries stocks were piled up at 105,000 tons in December 2019, which have now been reduced to 40,000 tons.

How much furnace oil producers are taking from the refineries – and the amount of power produced using the oil – remains unknown.

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