Company type | Public |
---|---|
PSX: HASCOL | |
Industry | Petroleum |
Founded | 2001 |
Founder | Mumtaz Hassan Khan |
Headquarters | Karachi, Pakistan |
Key people | |
Products | Oil |
Revenue | Rs. 71.16 billion (US$250 million) [1] (2022) |
Rs. -14.06 billion (US$−49 million) [1] (2022) | |
Rs. -14.44 billion (US$−50 million) [1] (2022) | |
Website | www |
Hascol Petroleum Limited is a Pakistani oil marketing company which is active in downstream sector. [2] It is based in Karachi, Pakistan.
The company has distribution rights of German lubricating oil Fuchs in Pakistan. [3]
Hascol Petroleum was founded in 2001 and offered initial public offering in 2007. [3] In 2005, it received oil marketing license from the government. [4]
In 2014, Hascol was listed on the Karachi Stock Exchange. [4] In 2017, the company announced that it was investing US$20 million, in collaboration with Fuchs, to set up a new plant in Bin Qasim, Karachi. [5] In the same year, it became second-largest oil marketing company in the country. [4]
Vitol, global commodities trader, acquired percent and 15 percent shares in Hascol between 2015 and 2016, [3] and in October 2019, Vitol announced that it was raising its shareholding upward to 41 percent. [6]
In 2021, a scandal surfaced that Hascol had falsified its books and financial statements in 2019, [7] this, coupled with mounting losses resulted in the company's share price tumbling from over Rs. 300 in 2018 to about Rs. 5 in 2021, and the Pakistan Stock Exchange declaring the company to be in default. [8] The company had its assets frozen by the High Court of Sindh upon request of the company's creditors. [9]
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