“Byco Petroleum has initiated talks with potential international clients for disposing of the surplus furnace oil,” the official, who was aware of the development, told The Express Tribune. “It (Byco) is alone holding 40,000 tons of furnace oil,” the official said. To the relief of refineries, oil-fired power plants resume productionNegotiations failAnother industry source said the government had taken a rigid stance against the refineries. The refineries, which meet 30% of the country’s needs, were feeling suffocated following excessive imports of furnace oil and liquefied natural gas (LNG) to run power plants, he said. “All oil storages and bowsers (tankers) are brimming with furnace oil while pipelines (used to transport oil from the refineries to power plants) are choked with oil,” he said.

Source: The Express Tribune December 21, 2017 04:30 UTC