Karachi: Byco Petroleum Pakistan Limited has rejected false information circulating on social media regarding production from its two units (Diesel Hydro DeSulphurising Unit and Fluid Cracking Unit) with the facilitation of its subsidiary Byco Industries Incorporated.
In a notice issued in Monday, it was clarified that the company, its sponsors, major shareholders, and directors have no connection to the above cited false WhatsApp circulation, which has apparently caused an unexpected rally in the company’s shares traded on the Pakistan Stock Exchange (PSX).
In the notice, the company also said that “as part of its upgrade project, Byco Petroleum Pakistan Limited would install Fluid Catalytic Cracking (FCC) unit, along with its associated plants, for cracking of furnace oil into Gasoline and a Diesel Hydro Desulfurization (DHDS) unit for removal of Sulfur from Diesel.”
It further stated that the company has already made progress on the project as per schedule. A groundbreaking ceremony was held on Saturday, January 9, 2021 to commence the construction of the project
Byco’s shares were being traded at the PSX market, and daily traded volume of the company was recorded above 154 million shares per day on Friday, and 94 million shares on Thursday.