Karachi March 8 2024: Cnergyico PK Limited (CNERGY) is estimated to spend more than USD one billion dollars in order to upgrade its both refineries to manufacture Euro V standards fuels, according to company to the exchange.
Share price of the company surge 39 paisa or 8.52 percent after the announcement at Pakistan Stock Exchange.
“Cnergyico Pk Limited already assured its commitment in its previous disclosures (notice dated 9th March 2020 for an extraordinary general meeting, disclosures made on 11th January 2021, and 29th September 2021) to upgrade its both refineries to manufacture Euro V standards compliant gasoline and diesel, while concurrently reducing Fuel Oil production” states the notice.
“The anticipated investment by the Company is set to exceed USD 1 billion, however, precise cost estimates will be established post the Front-End Engineering Design (FEED) of the Upgrade Project” it added.
Cnergyico Pk Limited was incorporated in Pakistan as a public limited company on 09 January 1995 under the repealed Companies Ordinance, 1984. The Company currently operates two business segments namely Oil Refinery Business and Petroleum Marketing Business. Petroleum Marketing Business was formally launched in 2007.
