LAHORE: One of the world’s biggest independent oil trading entities, UAE-based Vitol Dubai Limited has purchased 1.26m shares of Hascol Petroleum Limited for Rs126m.
This follows on the heels of a deal signed in February 2016 between the two companies, which increased the stakes of Vitol Dubai in Hascol was exclusively reported by Profit in March.
Hascol has setup a subsidiary in partnership with Vitol Dubai named VAS LNG, in which the former holds 30pc stake and latter is majority stakeholder with 70pc shareholding. This subsidiary is expected to be operational in the next few months.
Hascol is also in process of establishing a subsidiary for lubricant production in partnership with FUCHS-Germany which will cost $20m.
Hascol Petroleum Limited is engaged in the purchase, storage and sale of petroleum products such as High-Speed Diesel, Gasoline, Fuel Oil and FUCHS lubricants.
The company has been successful in setting up a retail network under Hascol brand nationwide after it was commissioned an oil marketing license in February 2005.
It also has extensive links with the domestic and international oil trading companies and has a repute of being the second largest importer of petroleum products after PSO.
