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HASCOL TO HOLD STONE LAYING CEREMONY OF ITS OIL BLENDING & GREACE PLANT ON 20-02-2017


Hascol Petroleum Limited, one of the growing companies in Pakistan in terms of operations and profit, has announced setting of a wholly-owned subsidiary Hascol Lubricants (Private) Limited at the cost of $ US 20 million. The subsidiary will operate the plant that produces various brands of lubricants. The decision was communicated by the Company to Pakistan Stock Exchange on 17-02-2017
According to the notification from Company, the subsidiary will operate a Hascol’s Lube Oil Blending and Grease Plant, which is expected to be completed within next two years. The company already acquired land measuring approximately six acres at Port Qasim for the blending plant, in collaboration with FUCHS-Germany. The production of lubricants and different petroleum products is expected to boost the business of Hascol Petroleum.
Forming a separate subsidiary was a strategic decision of the company that was undertaken in order to avail tax exemptions available under the Income Tax Ordinance 2001 (Section 65B for setting up new industrial undertaking).
The management of Hascol Petroleum Limited will hold ground breaking ceremony on February 20, 2017 in this regard.
Background:
In November 2016 Hascol Limted was approached by UAE-Based Energy Group, Vitol Dubai Limited, to buy 10 percent further shares of Hascol, which increased its overall shareholding in Hascol Petroleum from 15 percent to 25 percent. Earlier shareholding of 15% was bought by Dubai Vitol in February 2016 at a cost of $28.1 million, which is equal to 18.1 million shares of the company at price of Rs. 162 per share.
The transaction of the new shares will be completed by the end of February 2017 with possible inflows of nearly $20 million in FDI in Pakistan, which are likely to be used for the establishment of this subsidiary named "Hascol Lubricant (Pvt) Limited".
All this information is extracted from the information already shared by Hascol Petroleum Limited to Pakistan Stock Exchange under the law.

Comments

  1. linusNovember 28, 2021 at 11:25 PM

    Nice articles and your information valuable and good articles thank for the sharing information Lube Oil Blending

    ReplyDelete
  2. linusNovember 29, 2021 at 1:24 AM

    Nice articles and your information valuable and good articles thank for the sharing information Oil Blending Plant

    ReplyDelete
  3. LINUS PROJECTS (INDIA) December 13, 2021 at 8:24 AM

    Linus Projects (INDIA) We are a Professional Turnkey Project Management company. We supply plants and machinery for Lube Oil Blending Plant, Grease Manufacturing Plant, and various other Petrochemical Industries Blending Plant

    ReplyDelete

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