March 17, 2023 (MLN): Hi-Tech Lubricants (PSX: HTL) has been granted permission by the Oil and Gas Regulatory Authority (OGRA) to operate a new oil storage facility in Nowshera, Khyber Pakhtunkhwa (KPK), as well as to commence the sale and marketing of petroleum products through the operation of up to 35 fuel stations in KPK.
The permission is valid until the end of the year, December 31, 2023, or until the validity of HTL's provisional OMC license as issued by OGRA is extended.
The permission has been granted following a Third-Party Inspection Report on the satisfactory completion of the new oil storage facility in Nowshera, KPK, and pursuant to guidance provided by the Honorable Lahore High Court in a judgment on writ petitions, in which the company was also a petitioner.
This development marks a significant step forward for HTL, which is expected to benefit from the increased operational capacity and expanded reach that this permission affords.
The company has expressed its appreciation for the permission granted by OGRA and the guidance provided by the Lahore High Court and is looking forward to leveraging this opportunity to enhance its position in the market.
