Hascol Petroleum

Hascol Petroleum
Company type	Public
Traded as	PSX: HASCOL
Industry	Petroleum
Founded	2001; 24 years ago
Founder	Mumtaz Hassan Khan
Headquarters	Karachi, Pakistan
Key people	Sir James Carter Alan Duncan (Chairman); Aqeel Ahmed Khan (CEO);
Products	Oil
Revenue	Rs. 71.16 billion (US$250 million) (2022)
Operating income	Rs. -14.06 billion (US$−49 million) (2022)
Net income	Rs. -14.44 billion (US$−50 million) (2022)
Website	www.hascol.com

Hascol Petroleum Limited is a Pakistani oil marketing company which is active in downstream sector.^[2] It is based in Karachi, Pakistan.

The company has distribution rights of German lubricating oil Fuchs in Pakistan.^[3]

History

Hascol Petroleum was founded in 2001 and offered initial public offering in 2007.^[3] In 2005, it received oil marketing license from the government.^[4]

In 2014, Hascol was listed on the Karachi Stock Exchange.^[4] In 2017, the company announced that it was investing US$20 million, in collaboration with Fuchs, to set up a new plant in Bin Qasim, Karachi.^[5] In the same year, it became second-largest oil marketing company in the country.^[4]

Vitol, global commodities trader, acquired percent and 15 percent shares in Hascol between 2015 and 2016,^[3] and in October 2019, Vitol announced that it was raising its shareholding upward to 41 percent.^[6]

In 2021, a scandal surfaced that Hascol had falsified its books and financial statements in 2019,^[7] this, coupled with mounting losses resulted in the company's share price tumbling from over Rs. 300 in 2018 to about Rs. 5 in 2021, and the Pakistan Stock Exchange declaring the company to be in default.^[8] The company had its assets frozen by the High Court of Sindh upon request of the company's creditors.^[9]

References

^ ^a ^b ^c "Hascol Annual Report 2022" (PDF). hascol.com. Retrieved 26 November 2023.
^ Hussain, Bilal (September 23, 2019). "The extraordinary rise and spectacular crash of Hascol Petroleum". Profit by Pakistan Today.
^ ^a ^b ^c "Hascol Petroleum Limited". May 30, 2019.
^ ^a ^b ^c "What is Hascol hiding?". Profit by Pakistan Today. April 25, 2021.
^ "Hascol to invest $20 million to set up new plant". Daily Times. February 18, 2017.
^ "2020 will be a great year for Pakistan's economy: Jahangir | Pakistan Today". archive.pakistantoday.com.pk.
^ Alam, Kazim (2021-06-22). "Hascol may redo balance sheets after 'false purchase orders' surface". DAWN.COM. Retrieved 2021-11-07.
^ "Hascol excluded from list of eligible securities: NCCPL". Daily Times. 2021-06-28. Retrieved 2021-11-07.
^ Tanoli, Ishaq (2021-10-15). "SHC freezes Hascol's assets on Mena Energy application". DAWN.COM. Retrieved 2021-11-07.

This Pakistani corporation or company article is a stub. You can help Wikipedia by expanding it.

[AR2022-1] "Hascol Annual Report 2022" (PDF). hascol.com. Retrieved 26 November 2023.

[2] Hussain, Bilal (September 23, 2019). "The extraordinary rise and spectacular crash of Hascol Petroleum". Profit by Pakistan Today.

[auto-3] "Hascol Petroleum Limited". May 30, 2019.

[auto1-4] "What is Hascol hiding?". Profit by Pakistan Today. April 25, 2021.

[5] "Hascol to invest $20 million to set up new plant". Daily Times. February 18, 2017.

[6] "2020 will be a great year for Pakistan's economy: Jahangir | Pakistan Today". archive.pakistantoday.com.pk.

[7] Alam, Kazim (2021-06-22). "Hascol may redo balance sheets after 'false purchase orders' surface". DAWN.COM. Retrieved 2021-11-07.

[8] "Hascol excluded from list of eligible securities: NCCPL". Daily Times. 2021-06-28. Retrieved 2021-11-07.

[9] Tanoli, Ishaq (2021-10-15). "SHC freezes Hascol's assets on Mena Energy application". DAWN.COM. Retrieved 2021-11-07.

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Hascol Petroleum

History

See also

References

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