Hascol Petroleum Limited has announced its acquisition of the Liquefied Petroleum Gas (LPG) business from Marshal Gas (Private) Limited, on Tuesday, for Rs. 175 million.
The Oil and Gas Regulatory Authority (OGRA) granted its approval/NOC for the transfer of the LPG plant and assets with the license to operate LPG business to the company on 8th October.
Ogra has permitted Hascol Petroleum to operate the LPG business and it intends to commence its operations immediately upon receipt of the NOC from the Competition Commission of Pakistan (CCP).
Back in July, Hascol Petroleum Limited had announced to expand its business in the LPG segment with the acquisition of LPG plants and Marshal Gas Private Limited.
It was disclosed that 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.
It is in the process of setting up a storage terminal and a cylinder filling facility based in Karachi.
Hascol’s script at the bourse was trading at Rs 263, up by Rs 3.83 with a turnover of 11,600 shares.
Hascol Petroleum Limited claims to be the second largest Oil Marketing Company after Pakistan State Oil in Pakistan. It has been aggressively engaged in developing a retail network and has commissioned over 490 retail outlets in the country.
The firm has capitalized on the growth in petroleum product demand in recent years.