Asia/Pacific News
Vitol to Aquire 15% of Pakistan Fuel Oil Sales and Storage Firm
Hascol Petroleum Limited (Hascol) says that Vitol Dubai Limited (Vitol) has agreed to the acquisition of a 15 percent stake in the Pakistan-based fuel oil and storage company, Reuters reports.
The deal, which is said to have been in the works since October, is reported to include an option for Vitol to purchase a further 10 percent stake in Hascol within the next year.
"We would like to inform that a term sheet has been signed by Vitol Dubai Limited with the major shareholders of Hascol Petroleum Limited to buy 15 percent of the issued share capital of Hascol," said Zeeshan ul Haq, Hascol's secretary.
While no sale price has been announced, reports estimate Hascol's market value at approximately $190 million, meaning the 15 percent stake would be worth about $28.5 million.
Hascol's business is said to include buying, storing, and selling of petroleum products such as fuel oil, high-speed diesel, gasoline, jet fuel, and liquefied petroleum gas.
On Tuesday, Ship & Bunker reported that Vitol Holding B.V., through its Vitol Investment Partnership Limited (VIP) investment vehicle, purchased the remaining half of Netherlands-based VTTI B.V.
