The Oil and Gas Regulatory Authority (OGRA) has granted the license to Hascol Lubricants Pvt Limited (wholly-owned Subsidiary of HASCOL), to start commercial operations of the lube oil blending plant located at Port Qasim Authority.
This was announced by Hascol Petroleum Limited (HASCOL) via notification to Pakistan Stock Exchange (PSX). The notification read that the Blending Plant is built using state-of-the-art technology with a capacity of 40,000 Metric Ton per annum.
It is powered by ABB Blending System (French Origin) which is considered as one of the best in the world along with Comaco Filling Machines (Italian Origin). The plant is also equipped with a laboratory of superior technology, capable of performing test of lubricants against international standards.
As per the notification, the company expects that the commencement of the commercial operations of the Blending Plant will have a positive financial impact on its profitability and will also improve the existing volumes of the company’s lubricant business.
Hascol to Raise Funds via Rights Issue
The board of directors also announced to commence necessary formalities for raising capital of up to Rs 6 billion through a rights issue of ordinary shares at par value.
The rights issue will be in compliance with the applicable laws, moreover, the board will announce the actual rights issue at a future date in a duly convened meeting of the Board in accordance with the applicable laws after completion of all requisite formalities.