Bosicor gets Rs2.6bn financing

A consortium of banks has arranged a syndicated term finance facility (TFC) of Rs2.6 billion for several expansion projects of an oil refinery Bosicor Pakistan Limited (BPL).

In this regard, a deal was signed between the banks and BPL to mark the financial close here on Tuesday.

United Bank Limited (UBL) and Allied Bank Limited (ABL) are the lead advisor and arranger to the syndicated TFC while Bank Alfalah Ltd and Faysal Bank Ltd Saudi Pak Commercial Bank, KASB Bank Limited, Pak Oman Investment Company Limited, Soneri Bank Limited, Pak Libya Holding Company Limited and Habib Metropolitan Bank Limited are other partners of the syndicate.

Chairman BPL Amir Abbassciy and President BPL Muhammad Wasi Khan, President UBL Atif R Bokhari and President ABL Khalid Sherwani were also present on the signing ceremony.

Bosicor will use this amount to enhance its storage capacity by 126,000 tons, laying of 15-kilometer pipeline from BPL’s refinery to a single buoy mooring (SBM) in the ocean and installation of 12,500 barrels per day isomerization plant for the conversion of naphtha into motor spirit.

Source: The News