Attock Refinery resumes ‘normal operations’ as stock upliftment improves

Attock Refinery Limited (ATRL), a subsidiary of Attock Oil Company Limited, said it has resumed “normal operations” amid improvement in the upliftment of its stocks by oil marketing companies (OMCs).

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

“After improvement in upliftment of stocks of Premier Motor Gasoline (PMG) and High-Speed Diesel (HSD) by OMCs, the company has resumed its normal operations,” read the notice.

Last week, ATRL announced it shut down its crude distillation units temporarily as the company’s dispatch pattern remains depressed.

“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,” ATRL said in a notice to the bourse, back then.

“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%.

Attock Refinery was incorporated in Pakistan in November 1978, as a private limited company and was converted into a public company in June 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.