Vitol to acquire 15percent of Hascol shares for $28 million

Karachi, February 26, 2016 (PPI-OT): Vitol Dubai Limited, part of the Vitol Group (Vitol), has entered into a Share Purchase Agreement (SPA) with a number of shareholders in Hascol Petroleum Limited (Hascol) to acquire shares equivalent 15% of Hascol’s total share capital for a total sum of $28 million approximately, with 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 38.26% 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 a country with huge potential. We are delighted to be investing in its energy sector and look forward to working with Hascol to optimize their supply chain as they grow their footprint further.”

For more information, contact:
Hascol Petroleum Limited
The Forum Suite # 105, 106 1st Floor,
Khayaban-e-Jami, Clifton, Karachi, Pakistan
Tel: +92-21-35301343-50
Fax: +92-21-35301351
UAN: +92-21-111-757-757