Karachi January 13 2022: The Board of Directors of Cnergyico Pk Limited (formerly Byco Petroleum Pakistan Limited) are pleased to inform you that in their meeting held on Thursday, January 13, 2022 has approved the acquisition of 57.37% stake in Puma Energy Pakistan Private Limited ('Puma').
Puma Energy has more than 542 retail pumps across the Country with storage terminals in Punjab (Machike) and Sindh (Daulatpur) with total storage capacity of 10,500 MT for petroleum products. Cynergico has more than 415 retail outlets across Pakistan.
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Cnergyico having one of the largest refining capacities in the country, after this acquisition would have the second largest retail fuel network, based on current number shared by OMCs in Pakistan.
The management is optimistic that with this acquisition and expansion, the company's business diversity would further improve.