Hi-Tech lubricants have been granted permission by OGRA to set up 35 petrol pumps in the KPK province.
In a notification to the PSX, the company announced that the Oil and Gas Authority has granted permission to proceed to Apply/Acquire No Objection Certificates (NOCs) from the concerned department for setting up a maximum of 35 retail outlets in the KPK province.
The notification further read that retail sales through petrol pumps can only be started after completion of necessary storage infrastructure and third-party inspector report confirming that the Storage/Depots at Nowshera meets the OGRA’s notified Technical Standards.
It is worth mentioning that the company made a profit in the recently announced 2nd quarter results, as it posted a profit of Rs. 68.46 million as compared with a loss of Rs. 220.30 million in the same period last year.
However, sales of the company were not that attractive as they were down by 35.08% to Rs. 1.61 billion as compared to Rs. 2.48 billion recorded in the same period last year. The cost of sales was almost down by 50% which benefited the above-mentioned results.
Hi-Tech Lubricants Limited is one of the leading synthetic engine and machinery lubricant marketing companies of Pakistan with a sizeable market share in the lubricants market. Its product portfolio under the brand name “ZIC” includes a wide range of specialty lubricants in automotive, industrial and marine segments that are imported from S.K Lubricants, South Korea. SK Lubricants of South Korea owns of world’s largest petrochemical complex.