April 12, 2016 [OPIS] - Vitol Group said its subsidiary Vitol Dubai Ltd. has completed the acquisition of shares equivalent to 15% of Hascol Petroleum Ltd.'s share capital for $28 million, with an option to buy an additional 10% shareholding within one year.
Hascol is a petroleum retailer in Pakistan with over 300 service stations nationwide.
To date, sales have increased 38% in volume terms year on year and, with its countrywide network of infrastructure, Hascol is well positioned to continue to serve Pakistan’s growing energy needs, Vitol said.
Hascol is engaged in the purchase, storage and sale of petroleum products such as fuel oil, high speed diesel, gasoline, jet a-1, lpg and lubricants.
Hascol developed storage facilities at Machike and Shikarpu, and it started bunkering operations in Karachi and Port Qasim. Hascol has an agreement with Emirates National Oil Co. to refuel aircraft at Karachi and other main airports in Pakistan. It has also started to market LPG as an automotive fuel through its retail network.
