Pakistan State Oil plans to to buy a 4.5% stake in Pakistan Refinery Ltd. from Chevron, PSO said a statement Tuesday.
Pakistan Refinery refines 47,000 b/d of crude oil to produce furnace oil, high speed diesel, kerosene, jet and gasoline.
The deal would increase PSO's stake in Pakistan Refinery to to 22.5%. Currently Shell Pakistan holds 30%, and Chevron 12%. After the sale Chevron's stake would be reduced to 7.5%. Two years ago Chevron said it would reduce its holdings in Pakistan and other countries as part of its global strategy.
The statement gave no financial details but Syed Atif Zafar, an analyst at Karachi-based brokeragee JS Global Securities, said PSO would likely pay around Pakistani Rupees 210 million ($2.1 million) for the stake.
Source: Platts.com
