Hascol Petroleum Limited (Urdu: حیسکول پیٹرولیم) is a Pakistani oil marketing company which is active in downstream sector.[2] It is based in Karachi, Pakistan.
 | |
| 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 |
The company has distribution rights of German lubricating oil Fuchs in Pakistan.[3]
History
editHascol 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]
See also
editReferences
edit- ^ a b c "Hascol Annual Report 2022" (PDF). hascol.com. Retrieved 26 November 2023.
- ^ 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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