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 (newspaper), 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 (newspaper)|accessdate=15 September 2020}}{{cite news|url=https://www.brecorder.com/news/26672 |author=Parvez Jabri |newspaper=Business Recorder (newspaper)|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}}

Operations

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.

The major business activities include Crude Oil Refining and Transportation, Storage and Marketing of petroleum products. With a refining capacity of 120,000 Barrels Per Day, combined storage capacity of over one million tons, a marketing joint venture with TOTAL (France) and a technical support venture with OMV (Austria); PARCO is the strategic fuel supplier for Pakistan. The organization encompasses Pakistan's second largest refinery (after Byco Petroleum Pakistan Ltd's ORC-2) and 2000 km of cross country pipeline network, including that of its subsidiary PAPCO. In 2010, the company set up a Diesel Hydro Desulfurization Unit to ensure that Diesel produced by the refinery meets international Euro-II standards. PARCO also commissioned a Biturox plant in 2012, which is expected to produce road paving bitumen. Pak-Arab Refinery Limited is a member of Oil Companies Advisory Council of Pakistan.

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 was building its coastal refinery project near Hub, Balochistan, which would be a state of the art refinery with 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 (newspaper)|accessdate=14 September 2020}}

Subsidaries

=Total PARCO=

Total Parco is a Pakistani oil marketing company based in Lahore, Pakistan. It is the second largest petrol pump network in Pakistan.{{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}}

Total Parco was founded in 2002 as a joint venture between Pak-Arab Refinery (PARCO) and Total S.A.{{Cite news|url=https://www.dawn.com/news/136845/total-parco-secures-4-5pc-market-share|title=TOTAL-Parco secures 4.5pc market share|date=27 August 2003|newspaper=Dawn |accessdate=15 September 2020}}

In 2013, Total Parco acquired 438 petrol stations of Chevron Corporation 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}} The acquisition was completed in 2015 and Caltex petrol pumps were renamed as Total Parco.{{Cite web|url=https://www.thenews.com.pk/print/73015-total-parco-plans-rs21-billion-investment-for-caltex-acquisition|title=Total Parco plans Rs21 billion investment for Caltex acquisition|newspaper=The News International |author=Tariq Ahmed Saeedi|accessdate=15 September 2020}}

In 2024, Gunvor acquired 50 percent stake of TotalEnergies in Total Parco.