KARACHI, Jan 8: The Pak Arab Refinery has decided to give 35 per cent cash dividend to its shares holders for the year ending on June 30, 2002, says a press release. This translates into Rs756 million and it is in addition to the bonus shares worth Rs9.445 billion also being issued by the company, the release adds.

It says that the refinery has posted a 51 per cent increase in its profits during this period rising from Rs2.624 billion a year ago to Rs3.961 billion at the close of the last fiscal year. The accounts of the company were recently approved by its board of directors.

PARCO’s mid-country refinery, the largest in the country has been running smoothly since its commissioning in September 2000.

“It has also undertaken its first turn around in October 2002 and successfully restarted operations within 25 days of the 37 days normally required in the turn around of a state-of-the-art refinery.”

“The $480 million white oil pipeline project is well under way with all financial and contractual arrangements with the China Petroleum Engineering Corporation in place and operational,” the release says.

“Presiding over the 28th annual general meeting, Syed Salim Abbas Jilani, as chairman said PARCO’s performance is creditable,” according to the press release which does not mention the venue and the date of the meeting.