Karachi, April 11, 2025 – The Securities and Exchange Commission of Pakistan (SECP) has officially rejected a request by Hascol Petroleum Limited for a 30-day extension to hold its Annual General Meeting (AGM).
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Hascol Petroleum Responds to PSX on Share Price Fluctuations
Karachi, November 20, 2024 – Hascol Petroleum Limited on Wednesday submitted its reply to Pakistan Stock Exchange (PSX) regarding unusual movements of shares. Hascol Petroleum said that the company remains committed to promptly disclosing any material or price-sensitive information that may impact the trading price or volume of its shares, in strict compliance with the Securities Act, 2015 and PSX Regulations.
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Court rejects bail application of CEO Hascol Petroleum
KARACHI: A trial judge has refused confirmation of bail application of Aqeel Ahmed Khan, CEO of Hascol Petroleum Limited, according to a communication issued on Tuesday.
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Hascol Petroleum announces rehabilitation plan
KARACHI: Hascol Petroleum Limited on Wednesday announced a rehabilitation plan for the company through settlement of liabilities.
In a communication sent to Pakistan Stock Exchange (PSX), Hascol Petroleum said that the Board of Directors of the company, in its meeting held on August 23, 2022, approved the plan for rehabilitation of the company through restructuring and settlement of liabilities of the company as per proposal prepared by the management.
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The board has also approved the draft of letter to be sent to all secured creditors/banks/financial institutions conveying the rehabilitation plan and the process intended to be followed by the company for implementing the same i.e. through a Scheme of Arrangement to be presented to the High Court of Sindh at Karachi.
The board has further given the management a go-ahead to prepare the scheme on the basis of the rehabilitation plan in consultation with the transaction legal counsel and auditors/accountants engaged by the company for such purpose and present the same for approval of the board for submission before the relevant competent court.
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The scheme is, however, subject to its approval by the creditors and shareholders and sanction of the competent court as per requirement of the relevant law and requisite approvals to be obtained from competent authorities.
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OMCs shun petroleum dealers strike, to open outlets
ISLAMABAD: Leading Oil Marketing Companies (OMCs) have announced to open their outlets across the country on November 25, 2021, in order to ensure facilitating consumers.
A shutdown strike has been called by the Petroleum Dealers Association on November 25, 2021.
Gas & Oil Pakistan Company Limited (GO), with the largest retail outlet network of 1,000 outlets in the private sector and the largest network of company-owned, company operated (COCO) outlets in Pakistan assured the customers that all its outlets would remain open and continue to function normally.
“GO remains firm in its commitment to fulfilling the fueling needs of the nation come what may,” the company said in a tweet.
Shell Pakistan also announced to open its outlet to serve the nation. “Shell Pakistan announces that they will not participate in the strike on November 25, 2021,” according to the company. All the company-operated retail stations will be opened to serve the customers, it added.
Hascol, another OMC, assured that all its owned and company-operated (COCO) stations, including all service stations on the M2 Lahore-Islamabad Motorway will remain open and ready to serve them as per routine.
Pakistan State Oil (PSO) also showed its commitment that all COCO stations will remain open nationwide and continue to function normally. “PSO is committed to serving the nation during such challenging time,” it said.
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Probe in Hascol financials underway: SECP
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) took notice of HASCOL’s reported accounts for the period ending June 30, 2019 in October 2019, according to a statement issued on Tuesday.
In this regard, the SECP has diligently followed its requisite internal protocols in compliance with its mandated role and responsibility.
However, being the apex corporate regulator of the country, SECP has to conclude its proceedings after following due process as envisaged under the law.
The SECP does not comment on its regulatory actions until they are finalized and orders are issued, at which stage they are published on its website without any exception. However, recently some misreporting in the print media has been undertaken that is devoid of facts and has been published without seeking SECP’s version.
The SECP has been and continues to remain vigilant and proactive in swiftly dealing with any regulatory violations that fall within its ambit.
SECP greatly respects and values its ongoing relationship with the media which almost invariably reports on SECP’s activities in a measured, responsible and fair manner. However, it expects that reporting on matters currently under consideration of SECP should not be based on conjecture or incorrect hearsay.
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NCCPL excludes Hascol Petroleum from list of eligible securities
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Monday excluded M/s. Hascol Petroleum from the list of eligible securities after the stock exchange placed the oil company into defaulter segment.
The NCCPL said that this is with reference to Pakistan Stock Exchange Notice No. PSX/N-781 dated: June 25, 2021, regarding placement of M/s. Hascol Petroleum Limited (“HASCOL”) in the Defaulter’s segment with effective from Monday, June 28, 2021.
This event leads to action under Clauses 7A.3.5 and 7B.3.1.4 of NCCPL Regulations, 2015 that has been reproduced below for ready reference;
“Where a Security that has been quoted on the defaulter’s segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the SLB Market from the date it has been placed on the defaulter segment. However, all open SLB Contracts shall be released on Accelerated Maturity Date and/or Maturity Date as the case may be.”
“In case where such Security is reinstated during the review period, trading in SLB Market shall not be allowed during that review period.” (Regulations 7A.3.5)
“Where a Security that have been quoted on the Defaulter segment of the Exchange and notified to the Company, such Security shall not be made available on MF Market from the date it has been placed on the defaulter segment. However, all MF (R) Transactions shall be released as per the terms and conditions defined in the Margin Financing Agreement between MF Participants.”
“In case where such Security is reinstated during the review period, trading in MF Market shall not be allowed during that review period.” (Regulations 7B.3.1.4)
Where a MT Eligible Security that have been quoted on the defaulter segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the MT Market from the date it has been placed on the Defaulter segment. However, all open MT Contracts shall be released on Accelerated Maturity Date and/or Maturity Date as the case may be.
In case where such Security is reinstated during the review period, trading in MT Market shall not be allowed during that review period. (Regulations 7C.3.2 (15)
Accordingly, in pursuance of provisions stipulated in the above referred clauses of NCCPL Regulations, 2015, M/s. Hascol Petroleum Limited shall be excluded from the list of SLB Eligible Securities, MF Eligible Securities and MTS eligible Securities with effect from Monday, June 28, 2021.
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Ogra imposes penalty of Rs10 million on Hascol Petroleum
The Oil and Gas Regulatory Authority (OGRA) has imposed a penalty of Rs10 million on Hascol Petroleum Limited and suspended its marketing license for Khyber Pakhtunkhwa. The regulatory action, communicated to Hascol on October 20, 2020, was disclosed by the company in a notification to the Pakistan Stock Exchange (PSX) on Thursday.
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Hascol Petroleum gets license for lube oil blending plant operation
KARACHI: The Oil and Gas Regulatory Authority (OGRA) has granted license to Hascol Lubricants (Private) Limited to start commercial operations of the lube oil blending plant located at Port Qasim Authority, company official said on Wednesday.
Hascol Lubricants (Private) Limited is the wholly owned subsidiary of Hascol Petroleum Limited.
The company said that the blending plant is built on a state of the art technology with a capacity of 40,000 Metric Ton per annum.
The blending plant is powered by ABB Blending System (French origin) which is considered as one of the best in the world along with the Comaco Filing Machines (Italian Origin), said a company notice sent to Pakistan Stock Exchange (PSX).
The blending plant is also equipped with a laboratory of superior technology, capable of performing test of lubricants against international standards.
“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 lubricants business.”
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Hascol, Vitol Dubai enter $42 million financial arrangement
KARACHI: Vitol Dubai Limited (VDL) has agreed to provide financial facility of $42 million to Hascol Petroleum Limited, an announcement said on Monday.
The announcement informed Pakistan Stock Exchange (PSX) that Hascol Petroleum Limited and Vitol Dubai Limited, a major shareholder of Hascol, had entered into financial arrangement whereby VDL had agreed to provide facilities of $42 million.
The financial facilities included: Bank guarantee facility of $15 million; open credit limit facility of $12 million; and stock availability at HTL Port Qasim Terminal of $15 million.
The company said that the arrangement would further strengthen the supply chain of the company.
Hascol Petroleum Limited is engaged in the purchase, storage and sale of petroleum products such as High Speed Diesel, Gasoline, Fuel Oil and FUCHS lubricants.
In February 2005 Hascol was granted an oil marketing license by the Government of Pakistan and since then, Hascol has been engaged in developing a retail network under Hascol brand and have commissioned over 500 retail outlets in the four provinces of Pakistan and Azad Jammu and Kashmir.
Hascol Petroleum Limited has extensive links with the domestic and international oil trading companies and today is the second largest importer of petroleum products after PSO.
Hascol also markets LPG. At present 15 Automax LPG Stations across Pakistan are in various stages of approvals with the government of Pakistan.
Hascol has become a member of the highly esteemed listed companies of Pakistan Stock Exchange and its share price has appreciated considerably since the listing in 2014, keeping in pace with the phenomenal growth of the company.
This massive growth has been made possible due to the strategic vision of the Board and excellent execution by Senior Management.
Hascol has made major headway in constructing storage facilities at Keamari, Daulatpur, Shikarpur, Mehmood Kot, Machike and Amangarh. New storage facilities are compeleted for Sahiwal, Kotlajam and Thalian.
In 2016, VITOL, the largest independent oil trading entity in the world, acquired 15 percent equity in Hascol which was later increased to 27.46 percent making VITOL the single largest shareholder in the Company.
In joint venture with VITOL, Hascol has also set up an LNG marketing company, VAS LNG (PVT) LTD.Hascol will have a 30 percent stake in this company and VITOL 70 percent. Hascol has also signed a Technical Services Agreement with VITOL Aviation enabling Hascol to start fueling aircrafts at Karachi, Lahore and Islamabad airports.
Additionally, a separate joint venture company with VITOL, Hascol Terminals Limited (HTL) has constructed one of the largest Petroleum Terminals in Pakistan at Port Qasim, having a capacity of 197,000 Metric Tons. Phase I of this terminal was commissioned in March 2019.