- Date written
- February, 2017
- Contact for guarantco
- Marjolein van Kampen
- Communications Director
- +44 (0)738 8857097
- Contact for PIDG
- Cecille Sorhus
- Head of Communications
- +44 (0)7917 302724
Byco Oil Pakistan Limited (“BOPL”) has successfully issued its first privately placed Sukuk for PKR 3,120mln.
The issue, subscribed by a wide range of local investors, is rated AAA by PACRA and 100% backed by a guarantee from the Private Infrastructure Development Group’s guarantee company GuarantCo.
The Sukuk supports a refinery upgradation programme which will provide additional fuel for energy and transportation to support the country’s economic growth. The funds will enable Byco’s flagship refinery in Balochistan, south-west Pakistan, to increase production rates through completion of its platformer, improve energy efficiency and expand storage facilities.
In a statement, Lasitha Perera, Chief Executive Officer of GuarantCo said:
“The success of the Byco Sukuk, the first of its kind, delivers on GuarantCo’s commitment to provide local currency credit enhancement that enables investors to participate in long term infrastructure projects in Pakistan.”
“We are pleased to be supporting a key provider of fuel for Pakistan’s homes and businesses” he added.