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