Attock Refinery shuts crude distillation units amid depressed demand

Attock Refinery Limited (ATRL), a subsidiary of Attock Oil Company Limited, has shut down its crude distillation units temporarily as the company’s dispatch pattern remains depressed.

ATRL shared the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“We wish to inform you that the dispatch pattern for the current month of December 2023 continues to remain depressed, as a result, stocks of Premier Motor Gasoline (PMG) and High-Speed Diesel (HSD) have reached very high levels with very little/no ullage in storage tanks especially PMG,” read the statement.

“To manage high stocks of these products, we have shut down two of our crude distillation units temporarily to manage refinery operations,” the refinery shared, adding that it would now be operating at a throughput of about 60%.

ATRL warned that if the situation persists it “would result in curtailment of crude intake from oilfields with adverse effect on associated gas as well”.

Attock Refinery shared that it has also intimated to the Oil and Gas Regulatory Authority (OGRA) that surplus inventories of products are available to meet the market demand.

Attock Refinery was incorporated in Pakistan on November 8, 1978, as a private limited company and was converted into a public company on June 26, 1979. It is principally engaged in the refining of crude oil.

The company is a subsidiary of the Attock Oil Company Limited, England and its ultimate parent is Coral Holding Limited (a private limited company incorporated in Malta).

As per the company’s latest financial results, ATRL saw its profit-after-tax (PAT) jump nearly 64%, clocking in at Rs12.30 billion for the period ended September 30, 2023.