CEO – Vitol Group Visited Pakistan For Vitol Hascol Alliance
Mr Ian Taylor Chairman & CEO – Vitol Group paid a one day visit to Pakistan. Since the signing of the Vitol- Hascol alliance, this is Mr Taylor’s first visit to the country.
Mr Taylor accompanied by Hascol’s top management proceeded for the stone laying ceremony at the Hascol Terminal, Port Qasim. Where he addressed the media and enlightened them regarding the changing perspective of the globe for Pakistan and how Pakistan is emerging as a lucrative hub for investors. Mr Saleem Butt, Executive Director Hascol added to his views by highlighting the outcomes of the Hascol-Vitol alliance and optimistically shared their prospects with the media The project will be the largest Terminal in Port Qasim with a storage capacity of 200,000 MT and will cost USD 30 million. This will enhance the storage capacity of the country and will allow to take the Hascol market share in double figures.
Earlier during the year, Vitol Dubai Limited, part of the Vitol Group (Vitol), had entered into a Share Purchase Agreement (SPA) with a number of shareholders in Hascol Petroleum Limited (Hascol) to acquire shares equivalent 15% of Hascol’s total share capital for a total sum of USD 28 million approximately, with the option to buy another 10% shareholding within one year, subject to the relevant regulatory approvals
The VITOL-HASCOL alliance is bound to have a positive impact not only on the Petroleum industry but also on the economic growth of the country. It will act as a catalyst for the domestic oil marketing industry as the last foreign direct investment in this sector was several years ago.