Vitol decides to increase financial holding in Hascol

Vitol Group Ltd has decided to increase its stake in Pakistan fuel retailer Hascol Petroleum Ltd.

Sahibzada Jahangir, Spokesperson of Prime Minister on Trade and Investment for the UK and Europe regions, who last month had accompanied a delegation from Vitol, the largest independent oil company in the world, stated, “Vitol has now decided to increase their financial holding in Hascol Petroleum Pakistan from 27pc to 41pc.”

He said Vitol also has plans to invest up to $100 million in oil-related infrastructure in Pakistan in 2020.

“More and more overseas Pakistanis are now positively looking at Pakistan as a safe and profitable destination for foreign investment. Inshallah 2020 will be a great year for Pakistan and its economy,” he remarked.

Article continues after this advertisement

Vitol currently holds 27.5pc in Hascol, having gradually increased its stake in the fuel retailer since first buying 15pc of Hascol in 2016.

Between 2010 and 2018, Hascol saw its revenues climb at an astonishing average of 52.7pc per year, rising from Rs7.9 billion to Rs234.4 billion during that period.

- Advertisement -
- Advertisement -

Must Read

PRL signs agreement worth $1.2bn to double its oil refining capacity

Pakistan Refinery Limited (PRL) in a bid to double its refining capacity has inked an agreement worth $1.2 billion with Wood Group UK Limited...

U Bank Polo Cup 2022