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Vitol increases shareholding in Hascol

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Hydrocarbon Engineering,

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 US$18.7 million. 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.”

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