Pak-Arab Refinery

{{Infobox company

| name = Pak Arab Refinery Company Ltd.

| logo = Pearl Pearl Gas logo (cropped).webp

| type = Unlisted public company

|owner = Government of Pakistan (60%)
Mubadala Investment Company (40%)

|location = Karachi-75190, Pakistan

|key_people = Irteza Ali Qureshi (managing director)

|industry = Refinery

|products = Oil, high speed diesel, kerosene oil, and petroleum distillates

| revenue = {{Increase}} {{PKRConvert|956.040|b}}

| revenue_year = 2023

| operating_income = {{decrease}} {{PKRConvert|114.336|b}}

| income_year = 2023

| net_income = {{decrease}} {{PKRConvert|66.596|b}}

| net_income_year = 2023

| assets = {{increase}} {{PKRConvert|381.433|b}}

| assets_year = 2023

| equity = {{increase}} {{PKRConvert|173.283|b}}

| equity_year = 2023

| subsid = Total Parco
PARCO Coastal Refinery

| website = {{url|parco.com.pk}}

| footnotes = Financials {{as of|2023|6|30|lc=y}}{{cite web|title=Pak-Arab Refinery Annual Report 2023|url=https://www.pacra.com/summary_report/RR_153_12345_08-Dec-23.pdf |access-date=1 August 2024}}

}}

Pak-Arab Refinery Company Limited (PARCO) ({{langx|ur|پاک عرب ریفائنری}}) is a Pakistani oil and gas company active in refining, transporting and marketing petroleum products.[https://www.brecorder.com/news/592833 Prime Minister (PM) approves new Board of Directors] Business Recorder, Published 28 April 2020, Retrieved 14 September 2020 It is a joint-venture between governments of Pakistan and Abu Dhabi.{{cite news|url=https://www.dawn.com/news/1268412/parco-to-build-pakistans-biggest-oil-refinery-in-hub |author=Sohail Iqbal Bhatti|title=PARCO to build Pakistan's 'biggest oil refinery' in Hub|date=1 July 2016|newspaper=Dawn|accessdate=15 September 2020}}{{cite news|url=https://www.brecorder.com/news/26672 |author=Parvez Jabri |newspaper=Business Recorder|date=6 September 2011|title=Prime Minister urges PARCO to invest in energy sector|accessdate=14 September 2020}}{{cite news|url=https://gulfnews.com/business/uae-pakistan-trade-touches-7b-1.120040 |title=UAE - Pakistan trade touches $7 billion|author=Himendra Mohan Kumar|date=24 July 2008|newspaper=Gulf News website|accessdate=15 September 2020}}

History

PARCO, a joint venture between Government of Pakistan and the Emirate of Abu Dhabi was incorporated as a public limited company in 1974. The Government of Pakistan holds 60% of the share holding while 40% of the shares are held by Emirate of Abu Dhabi.

In 2010, the company set up a Diesel Hydro Desulfurization Unit to ensure that Diesel produced by the refinery meets international Euro-II standards. In bitumen, PARCO commissioned a 500 t d Biturox oxidation unit at its Mehmood Kot refinery in 2012.{{cite web |title=Biturox plant successfully running at PARCO |url=https://www.poerner.at/fileadmin/user_upload/downloads/B2X/B2X_Brochure_en.pdf |website=Pörner Group |date=November 2012 |access-date=5 May 2025 |type=Press release }}

In September 2012, Pak-Arab Refinery completed its first acquisition by acquiring 100% shareholding of SHV Energy Pakistan, which prior to the acquisition was Pakistan's largest LPG marketing company and PARCO's strategic partner since 2001. On 12 April 2017, the company announced that it will use technologies from Honeywell to upgrade its refinery near Multan, Pakistan to produce cleaner-burning fuels.

In 2019, Pak-Arab Refinery announced to build its coastal refinery project near Hub, Balochistan, which would be have a capacity of 250,000 barrels per day with an estimated cost of over $ 5 billion.{{cite news|url=https://www.brecorder.com/2019/07/09/508540/oil-refineries-directed-to-produce-fuel-conforming-latest-vehicles/ |title=Oil refineries directed to produce fuel conforming latest vehicles |date=9 July 2019|author=Imaduddin|agency=Associated Press of Pakistan|newspaper=Business Recorder|accessdate=14 September 2020}}

Subsidiaries

= PARCO Gunvor =

PARCO Gunvor Limited was founded in late 2002 as Total PARCO Pakistan Limited, a joint venture between PARCO and TotalEnergies, and began retail operations the following year.{{cite news |title=TOTAL-Parco secures 4.5 pc market share |url=https://beta.dawn.com/news/136845/total-parco-secures-4-5pc-market-share |work=Dawn |date=27 August 2003 |access-date=5 May 2025 }}

In 2009, a 50,000 t y lubricant-blending plant at Port Qasim, Karachi, became operational under its subsidiary Total Atlas Lubricants Pakistan, a joint venture with the Atlas Group first formed in 1997.{{cite web |title=Total launches new lubricant plant in Karachi |url=https://www.fuelsandlubes.com/knowledge-base/total-launches-new-lubricant-plant-in-karachi/ |website=Fuels & Lubes Asia |date=1 September 2009 |access-date=5 May 2025 }}

In 2013, Total PARCO acquired 438 petrol stations of Chevron Pakistan.{{Cite news|url=https://www.reuters.com/article/us-chevron-pakistan-total-idUSBRE98G0RB20130917|title=France's Total snaps up Chevron's Pakistan retail network|author=Dinesh Nair and Michel Rose|date=17 September 2013|agency=Reuters News Agency website|accessdate=15 September 2020}} Total Parco then re-branded roughly 438 Caltex petrol stations within 18 months.{{cite web |title=Total Parco Pakistan to complete rebranding of Caltex stations in 18 months |url=https://www.fuelsandlubes.com/total-parco-pakistan-to-complete-rebranding-of-caltex-stations-in-18-months/ |website=Fuels & Lubes Asia |date=16 November 2015 |access-date=5 May 2025 }}{{cite news |last=Saeedi |first=Tariq Ahmed |title=Total Parco plans Rs 21 bn investment for Caltex acquisition |url=https://www.thenews.com.pk/print/73015-total-parco-plans-rs21-billion-investment-for-caltex-acquisition |work=The News International |date=14 November 2015 |access-date=5 May 2025 }}

In 2024, TotalEnergies exited Pakistan and sold its 50 percent stake in Total PARCO to Gunvor and Total PARCO was renamed as PARCO Gunvor Limited.{{Cite web|url=https://www.bloomberg.com/news/articles/2024-08-06/gunvor-to-buy-50-stake-in-total-s-pakistan-fuel-stations|title=Gunvor to Buy 50% Stake in Total's Pakistan Fuel Stations |first1=Archie |last1=Hunter|first2=Faseeh |last2=Mangi |date=August 6, 2024 |website=Bloomberg}}

PARCO Gunvor manages more than 800 multi-product service stations that sell motor gasoline, diesel, compressed natural gas (CNG) and lubricants, supported by depots, coastal terminals and integration with PARCO's 2,000-kilometre pipeline grid.{{cite news |last=Shahid |first=Ariba |title=TotalEnergies to sell 50% stake in Pakistan oil marketing firm to Gunvor Group |url=https://www.reuters.com/markets/deals/totalenergies-sell-50-stake-pakistan-oil-marketing-firm-gunvor-group-2024-08-06/ |work=Reuters |date=6 August 2024 |access-date=5 May 2025 }}