Further to the announcement of 26th February and the receipt of the relevant regulatory approvals, Vitol Dubai Limited, part of the Vitol Group (Vitol), has completed the acquisition of shares equivalent to 15% of Hascol Petroleum Limited’s (Hascol) share capital for a total sum of circa USD 28 million, with the option to buy another 10% shareholding within one year.
Hascol is a fast growing retailer within Pakistan with over 300 service stations nationwide. To date, sales have increased 38% 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: “We are delighted to be investing in Pakistan’s energy sector through Hascol, one of the country’s fastest growing distributors of energy.”
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over 6mbpd of crude oil and products and, at any time, has 200 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; over 18.1mm3 of storage across six continents, 390kbpd of refining capacity and Shell-branded downstream businesses in 16 African countries, as well as Australia. Revenues in 2015 were $168 billion. For more information: www.vitol.com.