Something is brewing over at Cnergyico. The petroleum company is in the doldrums. Over the past five years their production as an oil refiner has gone from an impressive 20 million tons (MT) to a shadow of its former self at 6.8MT this year. Similarly its market share has fallen from 22% in 2018 to barely 10% in 2022.
And these are merely the symptoms.
For the past few years Cnergyico has been sick. The ailing organ has been the company’s heart — its massive oil refinery in Hub Balochistan which, at the capacity of 156,000 barrels a day (bpd), is the largest refinery in Pakistan. This refinery is everything to Cnergyico. It is the company’s largest asset, its trump card, its pride, its joy, and its biggest gamble. And possibly also its biggest fumble.
But then why does the company seem so calm? In fact it seems they are in quite the peppy mood. Between October 2022 and January 2023 Cnergyico quietly established five new subsidiaries to manage its assets. Two were designed to oversee its refinery business, one for its oil marketing company’s (OMC’s) operations, one for its planned petrochemical venture, and another for the additional single point mooring (SPM) it has approval for. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
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The decision of Cnergyico to transform from a focused oil company into a diversified conglomerate signifies a strategic shift with potential advantages. By expanding its operations across various sectors, Cnergyico aims to reduce risk exposure, ensure a steady flow of income from different industries, and encourage innovation and cross-industry collaboration. This diversification strategy may enhance the company’s long-term viability, allowing it to adapt to changing market conditions and leverage new business opportunities. However, the ultimate success of this transition will depend on effective management, successful entry into new sectors, and the realization of synergy among its subsidiary companies. The move to become a conglomerate reflects the company’s belief in a more resilient and adaptable business model.
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