Vitol Dubai Limited, part of the Vitol Group (Vitol), has entered into a Share Purchase Agreement (SPA) with a number of shareholders in Hascol Petroleum Limited (Hascol) to acquire shares equivalent to 15% of Hascol’s total share capital for a total sum of circa USD 28 million, with the option to buy another 10% shareholding within one year, subject to the relevant regulatory approvals.
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: “Pakistan is a country with huge potential. We are delighted to be investing in its energy sector and look forward to working with Hascol to optimise their supply chain as they grow their footprint further.”
The Vitol Group was founded in 1966 in Rotterdam, The Netherlands. Since then the Company has grown significantly to become a major participant in world commodity markets and is now the world’s largest independent energy trader. Its trading portfolio includes crude oil, oil products, LPG, LNG, natural gas, coal, electricity, agricultural products, metals and carbon emissions. Globally, Vitol trades over 5 million barrels of crude oil and oil products per day and revenues in 2014 were USD 270 billion