Karachi, Hi-Tech Lubricants Limited informed Pakistan Stock Exchange that the oil and gas regulatory authority, through January 13, 2022 as received by the company on January 18, 2022, has renewed the License for Operation of Lubricant Marketing Company for further period of 15 years from December 14, 2021 renewable upon fulfilment of certain terms and conditions.
Hi-Tech Lubricants Limited was incorporated in Pakistan on 1984. The Principal Activity of the Company is to procure and distribute petroleum products. During 2017, Oil and Gas Regulatory Authority (OGRA) has granted license to establish an Oil Marketing Company (OMC), subject to some conditions.
On 31 May 2019, Oil and Gas Regulatory Authority (OGRA) has granted permission to the Company to operate new storage facility at Sahiwal and marketing of petroleum products in province of Punjab.
The total numbers of shares are 116,004,000. The Earnings per share is (0.35) in 2020 which was (3.75) in 2019. The Company had a loss of Rs. 40,118,000 in 2020 which was 434,817,000 in 2019.