Hascol has informed the relevant stake holders regarding the acquiring of license for storage and filling plant. Hascol Petroleum Limited has been granted license by Oil & Gas Regulatory Authority (OGRA) for construction of LPG Storage and Filling Plant. The Company has already acquired land for construction of the LPG terminal at Port Qasim, Karachi.
The price for HASCOL has arisen by 16 Rupees since the markets opened in the today’s session. (HASCOL 339).
Vitol Dubai completes buying shares of Pakistani Hascol Petroleum
Vitol Dubai Limited, energy and commodity trading company has completed buying shares in Pakistan’s fourth largest oil retailer Hascol Petroleum Limited, raising its stake to 25%, a statement of the company said.
Hascol Petroleum has been notified on June 29, 2017 that Vitol Dubai Limited has completed the acquisition of 10% Hascol, raising its stake to 25% from 15%, the company said in a filing to Pakistan Stock Exchange Friday said.
Vitol decision to increase its equity reflects their confidence in the management and its future prospects, Mumtaz Hasan Khan, chairman and chief executive of Hascol Petroleum said in an annual report of 2016.
The company in a joint venture with Vitol Dubai has been constructing a 200,000 mtons fuel storage facility at Port Qasim in southern city Karachi.
Hascol has also acquired a land for Lube Oil blending and grease plant facility which would be completed by 2018. Moreover, company also entered into the LPG business and has applied for marketing license to Oil and Gas Regulatory Authority, the annual report said. Both the blending and LPG plants have been planned to build at Port Qasim.