Vitol increases shareholding in Hascol Petroleum Limited, Pakistan, to 25%
Further to the receipt of the relevant regulatory approvals, Vitol Dubai Limited, part of the Vitol Group (Vitol), has completed the acquisition of shares equivalent to 10% of Hascol Petroleum Limited’s (Hascol) share capital, for a total sum of circa USD 18.7m. Vitol had previously acquired 15% of Hascol and its total shareholding is therefore equivalent 25% of the share capital of Hascol.
Hascol is a fast growing retailer within Pakistan with over 400 service stations nationwide. To date, sales have increased 29% 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.
Chris Bake, Member of the Executive Committee, 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.”
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.
Vitol’s 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 18mm3 of storage across six continents, 480kbpd of refining capacity and circa 5,000 service stations across Africa, Australia, Eurasia and in Northwest Europe. Revenues in 2016 were $152 billion.
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