Vitol, Hascol, form LNG joint venture in Pakistan

Vitol, Hascol, form LNG joint venture in Pakistan
Illustration purposes only (Image courtesy of Vitol)

Pakistan’s distributor of petroleum products, Hascol Petroleum has set up a separate company to explore the business opportunities in the LNG sector. 

According to a company’s filing to the Pakistan stock exchange, the newly formed company will be named VAS LNG to undertake activities relating to LNG business.

Hascol Petroleum will hold a 30 percent shareholding in VAS LNG with Vitol, an energy, and commodities trader, holding a 70 percent.

In April last year, Vitol Dubai, part of the Vitol Group has completed the acquisition of 15 percent shares in Hascol for $28 million, with the option to buy additional 10 percent shareholding during this year.

 

LNG World News Staff

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