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Pak-Arab Refinery Okays Rs2 billion cash dividend
KARACHI - The shareholders of Pak-Arab Refinery Limited (Parco), which is a Pakistan Abu Dhabi joint venture, approved the highest ever dividend of Rs.2.0 billion out of a net profit of Rs.4.43 billion for the year ended 30th June, 2004.
The decsion was taken at the 30th Annual General Meeting, held on 28th September 2004.
Compared with the previous year, the net profit and the dividend have improved by 25 per cent and 67 per cent respectively. The shareholders equity and the asset base of the Company have risen to Rs.22.9 billion and Rs.88.6 billion from Rs.20.4 billion and Rs.84.7 billion at the end of the previous year. The company continues to enjoy AAA and Al+ long and short term credit ratings for the seventh consecutive year. Parco's Mid-Country Refinery achieved 87 per cent capacity utilization during the year, which is the highest since it started commercial production in December 2000. Increase in the capacity utilisation is the result of increase in the demand of petroleum products in the country. The decanting facility built by the company at its Korangi station during the previous year, enabled it to receive 375000 tonnes of local crude for processing at the refinery.
Total-Parco Pakistan Limited, a joint venture with Total of France, in which Parco has a 40 per cent stake, added 24 additional retail outlets, raising the total strength of its network to 69. Turnover of Parco's LPG and Lubricants, which are marketed as Pearl Gas and Pearl Lubes also increased considerably.
The 780 km Karachi-Mahmood Kot White Oil Pipeline Project is to shortly commence commercial operation. Ships have already started discharging diesel cargos to its Port Qasim terminal. The pipeline has a design capacity ~)f 12 million tons per year. The $480 million project, which is being implemented by a Parco subsidiary, Pak Arab
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