Hascol Petroleum

Hascol Petroleum Limited (حیسکول پیٹرولیم) is a Pakistani oil marketing company which is active in downstream sector.[1] It is based in Karachi, Pakistan.

Hascol Petroleum
TypePublic
PSX: HASCOL
IndustryPetroleum
Founded2001 (2001)
FounderMumtaz Hassan Khan
HeadquartersKarachi, Pakistan
ProductsOil
Websitehascol.com

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 Rs. 300 in 2018 to about Rs. 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
  1. Hussain, Bilal (September 23, 2019). "The extraordinary rise and spectacular crash of Hascol Petroleum". Profit by Pakistan Today.
  2. "Hascol Petroleum Limited". May 30, 2019.
  3. "What is Hascol hiding?". Profit by Pakistan Today. April 25, 2021.
  4. "Hascol to invest $20 million to set up new plant". Daily Times. February 18, 2017.
  5. "2020 will be a great year for Pakistan's economy: Jahangir | Pakistan Today". archive.pakistantoday.com.pk.
  6. Alam, Kazim (2021-06-22). "Hascol may redo balance sheets after 'false purchase orders' surface". DAWN.COM. Retrieved 2021-11-07.
  7. "Hascol excluded from list of eligible securities: NCCPL". Daily Times. 2021-06-28. Retrieved 2021-11-07.
  8. Tanoli, Ishaq (2021-10-15). "SHC freezes Hascol's assets on Mena Energy application". DAWN.COM. Retrieved 2021-11-07.


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