Vitol Dubai Limited is based in UAE and is one of the largest independent oil trading companies in the world. It has attained 1.26 million shares of Hascol Petroleum Limited for a price of Rs 126 million that is 100 per share. Hascol Petroleum is a Pakistani company.
The agreement of purchase and sale of the shares was inked last year in February. It is a very strategic decision by Vitol Dubai as it plans to enhance the company.
Furthermore, Hascol Petroleum Limited is also diversifying its share by making this move. Moreover, it also established a subsidiary VAS LNG in partnership with Vitol Dubai Limited. In this partnership, 70% of the stake belongs to Vitol.
A new joint venture company, Hascol Terminals Limited, has also been set up with Vitol and it is planned to have 200,000 Metric Tons of storage at Port Qasim.
Furthermore, a Lubricant producing unit is also under discussion in the future plans of Hascol. This plan is under discussion with FUCHS-Germany at the cost of $20 million.
Currently, Hascol is functioning 460 retail outlets in the four provinces of Pakistan and Jammu and Kashmir. It has become the second largest importer of petroleum products after Pakistan State Oil.
It is an impressive progress by a Pakistani company that it is doing well in all the provinces and it also generating appeal from foreign investors.