March 04, 2008	Tuesday	Safar 25, 1429

DUBAI, March 3: Dubai-based private equity company Abraaj Capital said on Monday it bought into Pakistani energy firm Bosicor to tap growing demand for petroleum products in the world’s sixth most-populous nation.

Abraaj acquired 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, it said in a statement, without saying how much it paid for the stake.

The transaction included a minority stake in Bosicor Pakistan Ltd, which operates Pakistan’s fifth-largest oil refinery, Abraaj said, without being more specific.Demand for petroleum products in Pakistan should grow 5 per cent per year until at least 2010, said Abraaj, which made the investment through a $2 billion infrastructure fund it manages.—Reuters