Reliance in race for stake in Pakistan refinery

Reliance Industries, India's largest private sector energy company, is among the 29 firms shortlisted by Pakistan's privatisation and investment ministry for a 51 per cent stake in the National Refinery Ltd, which has a capacity of 2.7 million tonnes.

National Refinery had set up a lubricant plant in 1966, and since then has upgraded its operations to include a fuel refinery, a second lubricant refinery and a petrochemicals plant.

Located at the Korangi industrial zone in Karachi, it has an 80 per cent share in the lubes and asphalt market in Pakistan.

Other global oil giants that have bid for National Refinery are Caltex Oil Pakistan Ltd, Lukoil International, Shell Pakistan Ltd, KPC Holdings (Aruba) AEC, Orient Petroleum Inc, Pak HY-Oil Ltd, Pak Kuwait Investment Company Ltd, Pak Oman Investment Co Ltd, Pakistan State Oil Company and Asia Petroleum, a group company of Attock.

A number of trading and investment companies that have no exposure to the oil business have also bid for the refinery. Even National Refinery's employees' union and officers association have together bid for stake in the refinery.