Pakistan Refineries_What to expect, (AKD Daily, Aug 26, 2022)
AKD Daily
Pakistan Refineries: What to expect
- · As super profits of refiners begin to cool off, the recent reemergence of the long-awaited refinery policy has spurred life into the sector’s prospects once more.
Keeping in view the aforementioned objectives, various incentives such as attractive pricing along with a pathway for future deregulation is in the works.
· More than any increases in gross margins either through cracking spreads/ duty protections, it is the decontrol of fuel prices that is expected to be the positive trigger going forward.
· In terms of pricing, ATRL turns out to be the major beneficiary of increase in effective duty protection on MS/HSD due to the company’s retail fuel yields outperforming other refiners in the listed space, with average yields during the outgoing quarter standing at 38%/38% for MS/HSD, respectively.
· For the incentives regarding upgradation, CNERGY turns out to be the major beneficiary with the company meeting minimum capacity requirement set for upgradation (100k/bpd requirement vs 150k/bpd company capacity) and 10-year tax holiday incentive.
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