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Tuesday 19.09.2017 | Name days: Verners, Muntis

Vitol acquires shares of Hascol Petroleum

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUFollowing the announcement of 26 February and the receipt of the relevant regulatory approvals, Vitol Dubai Limited, which, like Ventspils nafta, is part of the Vitol Group, has completed the acquisition of shares equivalent to 15% of Hascol Petroleum Limited’s share capital.

Vitol paid a total sum of circa USD 28 million (EUR 24.8 million) for those shares, with the option to buy another 10% shareholding within one year, as confirmed by the company.

Hascol is a fast growing retailer in Pakistan with over 300 service stations nationwide. To date, sales have increased 38% 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.

«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, member of Vitol Executive Committee.

Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over 6mbpd of crude oil and products and, at any time, has 200 ships transporting its cargoes.

Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including; over 18.1 mm3 of storage across six continents, 390kbpd of refining capacity and Shell-branded downstream businesses in 16 African countries, as well as Australia. Revenues in 2015 were USD 168 billion (EUR 148.7 million).

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