Dubai-based private equity firm acquires 40% in Pakistan's Bosicor Group

Dubai-based private equity firm Abraaj Capital has acquired 40% stake in two Pakistani companies : Bosicor Oil Pakistan Ltd and Bosicor Chemical Pakistan Ltd. The investment will fund a petrochemical plant and a refining unit that will provide the Bosicor Group with an initial aggregate refining capacity of 145,000 bpd. The acquisition was made through a US$2 billion Infrastructure and Growth Capital Fund. Abraaj will also acquire a minority stake in Bosicor Pakistan Limited (BPL), equivalent to the shares acquired through a mandatory tender offer to be made to the other shareholders in BPL. The group's subsidiary, BPL, is active in the production, marketing and sale of petroleum products. BPL currently operates the fifth-largest oil refinery in Pakistan, with a rated capacity of 30,000 bpd and a 12% market share. Investments in related infrastructure has been planned over the next few years with a view to creating Pakistan's first global-scale refining, petrochemicals and energy conglomerate. With upto 8% GDP growth recorded, Pakistan's growing economy is expected to exert pressures on transportation, power and manufacturing sectors. The country's total demand for petroleum products is forecast to rise at a five-year compound annual growth rate of 5% until at least 2010. Pakistan currently imports over 50% of its high-speed diesel requirement and almost 100% of petrochemical product.
  More News  Post Your Comment
{{comment.Name}} made a post.




There are no comments to display. Be the first one to comment!


Name Required.


Email Id Required.

Email Id Not Valid.


Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.

Message Required.

Click to Change image  Refresh Captcha