Abraaj buys 40% stake in Pakistan's Bosicor

03 March 2008 13:52  [Source: ICIS news]

DUBAI (ICIS news)--Dubai-based Abraaj Capital has acquired a stake in Pakistani energy company Bosicor Group (Bosicor), the United Arab Emirates investor said on Monday.

This deal includes a 40% shareholding in each of Bosicor Oil Pakistan and Bosicor Chemical Pakistan and the investment will fund the establishment of a refining unit and integrated petrochemical plant. 

The refinery will have an initial capacity of 145,000 bbl/day.

The cost of the stake was not disclosed. Abraaj was not available for comment on which petrochemicals will be produced at the plant.

Pakistan currently imports more than 50% of its high-speed diesel requirement and almost 100% of petrochemical products.

By: Abdelghani Henni
65 6780 4359

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