Hascol Petroleum
 | |
| Type | Public |
|---|---|
| PSX: HASCOL | |
| Industry | Petroleum |
| Founded | 2001 |
| Founder | Mumtaz Hassan Khan |
| Headquarters | Karachi, Pakistan |
| Products | Oil |
| Website | hascol |
Hascol Petroleum Limited (حیسکول پیٹرولیم) is a Pakistani oil marketing company which is active in downstream sector.[1] It is based in Karachi, Pakistan.
The company has distribution rights of German lubricating oil Fuchs in Pakistan.[2]
History[]
The company was founded in 2001 and offered initial public offering in 2007.[2] In 2005, it received oil marketing license from the government.[3]
In 2014, the company was listed on the Karachi Stock Exchange.[3] In 2017, the company announced that it was investing US$20 million, in collaboration with Fuchs, to setup new plant in Bin Qasim, Karachi.[4] In the same year, it became second-largest oil marketing company in the country.[3]
Vitol, global commodities trader, acquired percent and 15 percent shares in Hascol between 2015 and 2016,[2] and in October 2019, Vitol announced that it was raising its shareholding upward to 41 percent.[5]
In 2021, a scandal surfaced that the company had falsified its books and financial statements in 2019,[6] this, coupled with mounting losses resulted in the company's share price tumbling from over ₨300 in 2018 to about ₨5 in 2021, and the Pakistan Stock Exchange declaring the company to be in default.[7] The company had its assets frozen by the High Court of Sindh upon request of the company's creditors.[8]
See also[]
References[]
- ^ Hussain, Bilal (September 23, 2019). "The extraordinary rise and spectacular crash of Hascol Petroleum". Profit by Pakistan Today.
- ^ a b c "Hascol Petroleum Limited". May 30, 2019.
- ^ a b c "What is Hascol hiding?". Profit by Pakistan Today. April 25, 2021.
- ^ "Hascol to invest $20 million to set up new plant". Daily Times. February 18, 2017.
- ^ "2020 will be a great year for Pakistan's economy: Jahangir | Pakistan Today". archive.pakistantoday.com.pk.
- ^ Alam, Kazim (2021-06-22). "Hascol may redo balance sheets after 'false purchase orders' surface". DAWN.COM. Retrieved 2021-11-07.
- ^ "Hascol excluded from list of eligible securities: NCCPL". Daily Times. 2021-06-28. Retrieved 2021-11-07.
- ^ Tanoli, Ishaq (2021-10-15). "SHC freezes Hascol's assets on Mena Energy application". DAWN.COM. Retrieved 2021-11-07.
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- Energy companies established in 2001
- Pakistani companies established in 2001
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