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