Hascol Petroleum Limited has appointed Adeeb Ahmad as their new Chief Executive Officer.
Last week, Mr. Aqeel Ahmed was re-appointed as the CEO of the company. However, after a couple of days, the company has made the decision to replace him with Adeeb Ahmad.
Mr. Ahmad’s career spans over 30 years with multilateral, leading private equity firms and several international investment banks primarily in the Gulf region. He has held C-suite positions engaged in multi-sectoral asset management, private equity investments, and M&A across multiple emerging markets, including Pakistan. He is serving on the Boards of K-Electric Limited and Al Shaheer Corporation Limited.
Mr. Ahmad holds an M.Sc. from the London School of Economics, United Kingdom. and an MBA from the Institute of Business Administration, Pakistan, the notification to PSX said.
There has been a massive change in the ownership structure in the past year as Hascol is trying to recover from huge losses. Hascol is running in losses which appears to be the reason for the change in command.
The company had chalked out various projects of oil and gas earlier which ultimately did not realize. The oil marketing company had incurred a whopping loss of Rs. 25.87 billion in 2019. The losses of the company had increased by 117.66 times. The company had booked a loss of Rs. 218.37 million in 2018.
It is to be noted that the company has not yet released the financial results of the current half-year, i.e. Jan-Jul 2020. They are likely to incur more losses as the market suggests.
Further, Mr. Aqeel Ahmed Khan has been assigned to take a new role as Chief Executive Officer, Hascol Lubricants (Private) Limited, a wholly-owned subsidiary of the Company.