Pakistan: Vitol acquires 15% of Hascol for $28m

Vitol Dubai Limited has entered an agreement to purchase 15% of Pakistani fuel retailer Hascol for USD 28 million.

Vitol Dubai, part of the Vitol Group, has the option to buy another 10% shareholding within one year, subject to the relevant regulatory approvals.

Hascol is a fast growing retailer within Pakistan with over 300 service stations nationwide. To date, sales have increased 38% in volume terms year on year and, according to the company, Hascol is well positioned to continue to serve Pakistan’s growing energy needs.

“Pakistan is a country with huge potential. We are delighted to be investing in its energy sector and look forward to working with Hascol to optimise their supply chain as they grow their footprint further,” said Chris Bake, Member of the Executive Committee at Vitol.

Globally, Vitol trades over 5 million barrels of crude oil and oil products per day and revenues in 2014 were USD 270 billion.