Asia/Pacific News
Vitol Buys $28 Million Stake in Pakistani Fuel Marketer with Bunker Interests
Vitol Group (Vitol) has announced that its subsidiary Vitol Dubai Limited has completed the purchase of a 15 percent stake in Pakistani bunker player Hascol Petroleum Limited's (Hascol) share capital for $28 million.
As Ship & Bunker previously reported, the deal has been in the works since October, and includes an option for Vitol to purchase a further 10 percent stake in Hascol within the next year.
"We are delighted to be investing in Pakistan's energy sector through Hascol, one of the country's fastest growing distributors of energy," said Chris Bake, a member of Vitol's Executive Committee.
Hascol, who has bunkering interests in Karachi and Port Qasim, is said to be involved in the purchase, storage, and sale of petroleum products, including fuel oil, high speed diesel, gasoline, jet a-1, liquefied petroleum gas (LPG), and lubricants.
In addition to bunkering operations in Karachi and Port Qasim, Hascol is also said to have storage facilities at Machike and Shikarpu.
