Pakistan’s Hascol Petroleum Limited has approved the establishment of a joint venture company for developing and operating an oil storage/terminal facility at Port Qasim Authority. The joint venture with Dubai-based Vitol will establish a 200,000 metric tonne oil storage/terminal. Vital recently bought a 15% stake in Hascol for USD 28.1 million.
The total paid up capital of the new joint venture company will be PKR 2,500 million (USD 23.8 million). Hascol will acquire a 15% stake in the joint venture at a cost of PKR 375,000,000 (USD 3.5 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 the HASCOL brand.