Abraaj buys stake in Pakistan's Bosicor


Dubai-based private equity company Abraaj Capital said it bought 40 per cent in each of Bosicor Oil Pakistan Ltd and Bosicor Chemical Pakistan Ltd to finance construction of a chemical plant and refining unit.

"The investment will fund the establishment of a petrochemical plant and a refining unit that will provide the Bosicor Group with an initial aggregate refining capacity of 145,000 barrels per day," Abraaj said in a statement on Monday.

"Further investments in related infrastructure are planned over the next few years with a view to creating Pakistan's first global-scale refining, petrochemicals and energy conglomerate," the
company said.

It did not say how much it paid for the stake. (Reuters)