Byco Petroleum has negated information circulating on WhatsApp Groups stating that it has started production from its Diesel Hydro DeSulphurising Unit and Fluid Cracking Unit.

“The Company wishes to draw the attention of Exchange to false information circulating on WhatsApp groups stating that Byco Petroleum has started production from two units (Diesel Hydro DeSulphurising Unit and Fluid Cracking Unit) with the facilitation of its subsidiary Byco Industries Incorporated,” Byco said in its filing to the bourse on Monday.

Byco Petroleum stated that it ‘strongly denies’ the accuracy of the information stated in above mentioned WhatsApp circulation, clarifying that it does not reflect the factual position on the matter.

“As disclosed at its Extraordinary General Meeting held in 2nd April 2020, 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 Diesel and a Diesel Hydro Desulfurization ("DHDS") unit for removal of Sulfur from Diesel,” the company stated.

Byco informed that it has already made progress on the project as per the schedule, and a ground breaking ceremony was held on Saturday, January 09, 2021 to commence civil construction of the project.

“We further clarify that the company, its sponsors, major shareholders and directors have no connection to the above cited false WhatsApp circulation which has apparently caused unexpected rally in Company's shares traded on the PSX,” it added.