Oilboy Energy Limited (OBOY) plans to build a nationwide network of 70 electric vehicle (EV) fast-charging stations. The energy company wants to raise Rs. 1 billion through a rights issue on the Pakistan Stock Exchange (PSX) to fund this ambitious project.
Oilboy Diversifying into Retail Electricity with EV Charging Stations
Formerly known as Drekkar Kingsway Limited, Oilboy currently trades coal, LPG, and petrochemicals. However, the company now wants to diversify its core business. It aims to enter the retail electricity market as a transport fuel provider. Therefore, the company will issue 100 million ordinary shares at Rs. 10 each.
This strategic move will create a recurring, high-margin revenue stream in PKR. Consequently, it will reduce the company’s reliance on fluctuating commodity trading margins. Ultimately, Oilboy wants to establish itself as an early-scale charge point operator before Pakistan’s electric vehicle fleet expands further.
The company will spend approximately Rs. 14.65 million on each charging site. Furthermore, Oilboy will inject an additional Rs. 25.42 million from its internal cash flows to support the Rs. 1 billion raised.
Each station will feature a dual-nozzle 120kW-240kW DC fast charger. As a result, the stations can service two vehicles at the exact same time. Drivers can expect a standard 40 kWh battery top-up in just 15 to 20 minutes. Oilboy expects the entire network to come online by the first quarter of 2027.
Overcoming Greenfield Project Challenges
This massive rollout represents an entirely new venture for Oilboy. The company has no prior experience owning or operating EV charging infrastructure. In fact, it started in 1993 manufacturing electrical appliances and cosmetics before pivoting to equity investments and fuel trading in 1996.
Thus, this greenfield project requires immense on-ground coordination. The company must acquire land across multiple cities and inter-city corridors. Additionally, it needs to secure load sanctions from distribution companies, install transformers, execute civil works, and import the required equipment concurrently.
Meanwhile, Pakistan continues to see growing efforts to build local EV infrastructure. Earlier in March, the Sindh Government approved a Public-Private Partnership. This joint project features China’s ADM Group and the Malik Group of Companies to build a separate EV charging network across the province.
