KARACHI, Nov 14: United Bank and Allied Bank signed an agreement on Tuesday to provide a syndicated loan of Rs2.6 billion to Bosicor Pakistan Limited, the fifth largest oil refinery.

The syndicated loan will be used for the expansion plan of the refinery, including enhancing crude oil processing facility to 30,000 barrels per day, increasing storage capacity up to 126,000 tons and laying of a 15km pipeline from BPL’s refinery.

The signing ceremony was presided over by Chairman Amir Abbassciy and President Muhammad Wasi Khan of BPL. Atif R. Bokhari, President, UBL, and Khalid Sherwani, President, Allied Bank, were also present on the occasion.

The facility was co-arranged by Bank Alfalah and Faysal Bank, with the remaining syndicate consisting of Saudi Pak Commercial Bank, KASB, Pak Oman Investment Company, Soneri Bank, Pak Libya Holding Company and Habib Metropolitan Bank.