KARACHI: Hascol Petroleum has announced to establish a 200,000-tonne oil storage facility at Port Qasim with the total cost of Rs2.5 billion.
The company will set up the storage facility with the help of Dubai-based Vitol and will establish a separate firm for this purpose. The new oil tank will increase the storage capacity for white and black oil and help the fast-growing oil marketing company to broaden its network of retail outlets in the country.
Company Secretary Zeeshanul Haq, in a notification to the Pakistan Stock Exchange, daid that the total paid-up capital of the new company will be Rs2.5 billion divided into 250 million shares of Rs10 each.
“We would like to notify that the board of directors of the company in their meeting held today (Thursday) has approved the establishment of a joint-venture company for developing and operating an oil storage/terminal facility (of approximately 200,000 tons) at Port Qasim along with other sponsors/investors with the company acquiring a 15% equity stake with an estimated investment of Rs375 million subject to approval by shareholders of the company…,” he added.
Hascol already has storage facilities at Machike, Shikarpur and Daulatpur. It has also acquired land at Mehmoodkot and Sahiwal where storage tanks will be completed by the end of December 2016.
