Hascol Petroleum Limited is going to expand its business in the LPG segment with the acquisition of LPG plants and Marshal Gas Private Limited at a value of Rs. 175 million.
According to the official notification, the board of directors gave a green signal to the company’s management to carry out the acquisition deal with the private company, mainly to enter the LPG business for tapping opportunities in the future.
In this deal, Hascol Petroleum Limited will not only buy out the operative plant and the running business of the Marshal Gas Private Limited but it will also acquire all immovable properties and assets, its associated company, and the license given by OGRA.
The company has already received the official license from OGRA for LPG Marketing. Hascol is in the process of setting up a storage terminal and a cylinder filling facility based in Karachi.
Hascol is working to expand its business in the oil industry through diversified fields. It also set up a subsidiary of LNG last year for partaking in the new area. The subsidiary hasn’t officially started up its operations yet.
Hascol Petroleum Limited claimed to be the second largest Oil Marketing Company after Pakistan State Oil in Pakistan. Its overall sales volumes increased by almost 39% and their profit after tax was in excess of Rs. 1.401 billion by end of 2017.