Pakistan: Vitol acquires an extra 10% of Hascol Petroleum

Vitol Dubai Limited, a global energy and commodity trading company, has increased its stake in Pakistan's Hascol Petroleum Limited from 15% to 25 percent, reports The Express Tribune.

Energy company Vitol Dubai, part of the Vitol Group, has executed the option of acquiring an extra 10% of Hascol after purchasing 15% of the company for $28 million last April. The price of the lastest purchase has not been disclosed.

“Vitol Dubai Limited…has exercised its call option to acquire an additional 10% shares in Hascol Petroleum pursuant to terms of the shareholders’ agreement, increasing its shareholding from 15% to 25%,” said Zeeshanul Haq, Company Secretary, in a notification to the Pakistan Stock Exchange.

Hascol is engaged in the purchase, storage and sale of petroleum products, and since receiving its retailing license in 2005, it has developed a network ofover 360 fuel stations in Pakistan.

The two companies are building in a joint venture an additional oil storage facility of 200,000 tons with an injection of Rs375 million.

Vitol Dubai Limited, a global energy and commodity trading company, has increased its stake in Pakistan´s Hascol Petroleum Limited from 15% to 25 percent, reports The Express Tribune.