Hascol Petroleum Limited has acquired 11.4 percent shareholding in Pakistan Refinery Limited (PRL), a notice issued to Karachi stock exchange said. Hascol Petroleum has acquired 3.987 million ordinary shares in class-A category, 28.48 percent of class-A shares i.e. 11.4 percent ordinary shares in the refinery.
Pursuant to acquisition, Hascol now stands among Shell Petroleum, Pakistan State Oil and Chevron Global Energy, who already hold shares in Pakistan Refinery.
PRL is a hydro skimming refinery designed to process various imported and local crude oil to meet the strategic and domestic fuel requirements of the country. The Refinery has a capacity of processing 47,000 barrels per day of crude oil into a variety of distilled petroleum products such as Furnace Oil, High Speed Diesel, Kerosene oil, Jet fuel and Motor gasoline etc.
PRL since inception has been the principal manufacturer and supplier of petroleum products to the domestic market and Pakistan defense forces. Hascol Petroleum Limited is engaged in the purchase, storage and sale of petroleum products such as Fuel Oil, High Speed Diesel, Gasoline, Jet A-1, LPG and Lubricants.
The company was incorporated in 2001 under the 1984 companies ordinance, primarily to take advantage of the petroleum sector deregulation and undertake a programme for owning, leasing and renting oil storage facilities as well as importing petroleum products for its own account.
Hascol has also started to market LPG as an automotive fuel through its retail network, and for this necessary license has been obtained from OGRA and supply arrangements have been made with well known LPG marketing companies in Pakistan.
Source: News Recorder
