World’s 2nd Largest Oil Company Acquires Pakistan’s Admore Oil
3 months ago
The Geneva-based oil trading company, Trafigura, is preparing to sign a deal for purchasing Admore Oil Marketing for $40 million. Trafigura, it should be mentioned, is the world’s second largest private oil trader after Vitol.
The Singaporean multinational trader is all set to purchase 51% shares of the Pakistani oil company which is based in Karachi and has with 471 petrol pumps across Pakistan.
The investment by the oil trading giant in Pakistan comes as a positive indicator for the striving oil sector of Pakistan.
Both companies are expected to sign a deal on August 26. Admore Chief Executive Officer Amir Waliuddin Chishti, said that the Swiss oil trading company is aiming to invest further in Pakistan and will deploy foreign teams in the country for this purpose.
Chishti was excited about the prospects of foreign investment in the country saying that European investment is a good omen for Pakistan’s oil marketing industry.
The trader, having started back in 1993, is constantly on the rise. It is also the world’s largest base metal trader. With a revenue of $98.1 billion in 2016, the oil trader stands tall in the list of private oil trading companies.
Via Geo News