July 6, 2017 [OPIS] - Vitol Group said that its subsidiary, Vitol Dubai Limited, has completed the acquisition of shares equivalent to 10% of Hascol Petroleum Limited's (Hascol) share capital for about $18.7 million.
Hascol is a fuel retailer within Pakistan with over 400 service stations nationwide. To date, the company’s sales have increased 29% in volume terms year on year and, with its countrywide network of infrastructure, Vitol said.
Vitol had previously acquired 15% of Hascol and its total shareholding is therefore equivalent 25% of the share capital of Hascol.
Chris Bake, a member of the executive committee at Vitol, said, “Pakistan is experiencing solid economic growth and an expanding energy sector. It is an opportune time for Pakistan and we are pleased to be increasing our investment in Hascol.”
OPIS notes that Vitol has been expanding in global retail fuel market in the past year, with new investments in Turkey and Africa.
Vitol is one of the largest oil trading companies in the world. It trades over 7 million b/d of crude oil and products and, at any time, has 250 ships transporting its cargoes.
Vitol said that its clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: almost 18 million cubic meters of storage across six continents, 480,000 b/d of refining capacity and about 5,000 service stations across Africa, Australia, Eurasia and in northwest Europe. Revenues in 2016 were $152 billion.
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