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Vitol completes acquisition of 15% of Hascol Petroleum

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Hydrocarbon Engineering,


Further to the receipt of the relevant regulatory approvals, Vitol Dubai Ltd, part of the Vitol Group (Vitol), has completed the acquisition of shares equivalent to 15% of Hascol Petroleum Ltd’s (Hascol) share capital for a total sum of circa US$28 million. Vitol has the option to buy another 10% shareholding within one year.

Hascol is a fast growing retailer within Pakistan. To date, sales have increased 38% in volume terms y/y 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.”

Edited from press release by

Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/08042016/vitol-completes-acquisition-of-15-of-hascol-petroleum-2989/


 

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