Karachi, Hascol Petroleum Limited informed Pakistan Stock Exchange that the Company and Vitol Dubai Limited, a major shareholder of the Company have entered into financial arrangement whereby VDL has agreed to provide facilities of USD 42 million.
Hascol Petroleum Limited 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.
The company was incorporated in 2001 under the 1984 companies’ ordinance, primarily to take advantage of the petroleum sector deregulation and undertake a programme for owning, leasing and renting oil storage facilities as well as importing petroleum products for its own account.
In February 2005 Hascol was granted a full marketing license by the Government of Pakistan and since then, Hascol has been engaged in developing a retail network under HASCOL brand and by 31st December 2014 we will have commissioned over two hundred and fifty retail outlets, in the four provinces of Pakistan and Azad Kashmir. This number will rise to 300 by the end of 2015.
Prior to the incorporation of the company, the main personnel have been involved in the Pakistan oil industry for over thirty years, dealing with imports and marketing of refined products such as Gasoil, Fuel Oil, Kerosene, Gasoline and Base Oil. Hascol Petroleum Limited has, independently or through its associated company Hascombe Limited, extensive links with the domestic and international oil trading companies.
The symbol “HASCOL” is being used by the stock exchanges for the shares Hascol Petroleum Limited.