Oilboy plans 70 EV fast-charging stations across Pakistan with Rs1bn rights issue

Oilboy Energy Limited (PSX: OBOY) plans to raise Rs1 billion through a rights issue to finance the development of a nationwide network of 70 electric vehicle (EV) fast-charging stations across Pakistan.

 

According to information disclosed to the Pakistan Stock Exchange (PSX), the company will issue 100 million ordinary shares at Rs10 per share to fund the project.

 

The initiative marks Oilboy's diversification into EV charging infrastructure, expanding its business beyond the trading of coal, LPG, petrochemicals and other fuel-related products.

 

The company said the project is aimed at creating a recurring, rupee-denominated revenue stream with potentially higher margins while reducing reliance on commodity trading and positioning Oilboy in Pakistan's emerging EV charging market.

 

Around Rs1 billion from the rights issue proceeds will be allocated to establishing and commissioning the charging network, while an additional Rs25.42 million will be contributed through the company's internal cash flows.

 

Each charging site is estimated to cost approximately Rs14.65 million and will feature a dual-nozzle DC fast charger with a capacity ranging between 120kW and 240kW. The chargers will be capable of serving two vehicles simultaneously, with a typical 40kWh battery top-up expected to take between 15 and 20 minutes.

 

Oilboy expects the network to become operational by the first quarter of 2027.

 

The company acknowledged that the project represents a new line of business, as it has no previous operational experience in owning or managing EV charging infrastructure. The initiative will therefore be developed as a greenfield project rather than an expansion of an existing operation.

 

The rollout will require the simultaneous acquisition, permitting, energisation and commissioning of 70 sites across multiple cities and inter-city corridors. Key requirements include securing land, obtaining electricity load approvals, installing transformers and panels, completing civil works and importing charging equipment.

 

The move comes amid growing efforts to expand Pakistan's EV infrastructure as the country seeks to support the anticipated growth of electric vehicle adoption.