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  • What is Pakistan's demand for refined petroleum products in FY19?
  • Petroleum Products: Pakistan’s demand for refined petroleum products clocked in at ~19.7mln tons for FY19, of which ~11mln tons was locally refined and the remaining requirement was imported. Among the 5 refineries, PARCO holds the highest market share of ~33% (FY19).
  • How much oil does Pakistan need?
  • Crude Oil: Pakistan majorly relies on imports (~64%) to meet its oil demand. Country demand for Crude Oil recorded at ~11mln tons in 9MFY19, of which ~4mln tons were locally produced (Upstream Oil Sector) and ~7mln tons was imported.
  • Will local refinery dynamics improve sequentially?
  • Across the board incline in margins: Based on increasing HSD/MS/FO margins, we anticipate local refinery dynamics would improve sequentially. As per our calculation, spreads on HSD are estimated to increase to ~US$43/bbl in 3QFY23 compared to ~US$41/bbl in 2QFY23.
  • What are the different types of oil in Pakistan?
  • Pakistan Oil Sector is divided into Upstream, Midstream and Downstream categories. Refining and Production make up the Midstream Oil Sector. Petroleum products are bifurcated into white oil and black oil products. MOGAS, HSD and FO are the major contributors to the petroleum usage in the country (~94%).
  • Which sector contributes most to mogas consumption in Pakistan?
  • Pakistan Refining Sector contributes only ~30% to the MOGAS consumption of the country (FY19), the rest all demand is imported. HSD Demand is predominantly met through the function of refinery sector in the country catering ~64% to the demand. sector is shifting towards other fuels such as LNG and coal.
  • Does Pakistan need oil & gas?
  • Pakistan majorly depends on Oil and Gas to meet its fuel demand. Imported LNG has emerged as an important fuel for the country needs, specifically for the power sector. Pakistan Oil Sector is divided into Upstream, Midstream and Downstream categories. Refining and Production make up the Midstream Oil Sector.