In an announcement addressed to PSX, Hascol announced that it has entered in an agreement with Total Parco to buy assets worth Rs. 400 million from the company.

The assets include oil storage depots of Hascol at Sahiwal and Daulatpur, the agreement also ensure that the two companies will share the costs on throughput basis.

The Daulatpur Depot was recently inaugurated in August 2015 and is based on 7.5 acres of land purchased by Hascol.

Furthermore, the company informed that the transaction is subject to approval from Oil & Gas Regulatory Authority and other relevant bodies.

The company notice can be accessed here.