Hascol Petroleum has entered into a five-year aviation operations & technical services agreement with Vitol Aviation B.V Netherlands.This was notified through by the company secretary, Zeeshan Haq Ul in a notice sent to the Pakistan Stock Exchange (PSX) by the company secretary Zeeshan Ul Haq. By virtue of the agreement, Vitol Aviation B.V will provide core and technical support services to Hascol Petroleum for the provision of jet fuels to the aviation industry in Pakistan at selected airfields.
Back in May 2016, Hascol Petroleum had entered into a joint venture with Vitol Dubai (a subsidiary of Vitol Aviation B.V) for developing and operating a 200,000 metric ton oil storage/terminal facility at Port Qasim Authority. Previously, Vital had bought a 15pc stake in Hascol for USD 28.1m.
Vitol is the world’s largest independent trader of energy products. It has a well-established supply infrastructure ranging from exploration to refining, storage and shipping. Vitol is an active member of global jet fuel product quality and handling forums. The company boasts unrivalled expertise in the management of the global jet fuel supply chains and invests heavily in training, testing and infrastructure to ensure product quality and integrity.
The stock for Hascol is trading at Rs329.45 after an increase of Rs2.85( 0.87%).
