In a February 17, 2017 letter to the Pakistan Stock Exchange, Hascol Petroleum Limited announced that it will establish a new company, its wholly-owned subsidiary, Hascol Lubricants (Private) Limited at the cost of US$ 20 million.
According to the stock filing, the subsidiary will operate Hascols Lube Blending and Grease Plant, which is to be set up within the next two years.
The company said it has already acquired approximately six acres of land at Port Qasim for the blending plant, in collaboration with FUCHS-Germany.
Hascol Petroleum Limited is one of the growing companies in Pakistan in terms of operations and profit. In November 2016, the Oil Marketing Company (OMC) was approached by UAE-Based Energy Group, Vitol Dubai Limited, to buy its 10 percent shares of Hascol Petroleum Limited, which will increase its overall shareholding in the Pakistani Oil Marketing Company from 15 percent to 25 percent.
In February 2016, Dubai Vitol bought 15 percent stakes of Hascol Petroleum Limited at a cost of $28.1 million, which is equal to 18.1 million shares of the company at prices of Rs.162 per share.