Hascol Petroleum

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Hascol Petroleum
Company typePublic
Founded2001; 23 years ago (2001)
FounderMumtaz Hassan Khan
HeadquartersKarachi, Pakistan
Key people
  • Sir James Carter Alan Duncan (Chairman)
  • Aqeel Ahmed Khan (CEO)
RevenueDecrease Rs. 71.16 billion (US$250 million)[1] (2022)
Decrease Rs. -14.06 billion (US$−49 million)[1] (2022)
Decrease Rs. -14.44 billion (US$−50 million)[1] (2022)

Hascol Petroleum Limited (حیسکول پیٹرولیم) is a Pakistani oil marketing company which is active in downstream sector.[2] It is based in Karachi, Pakistan.

The company has distribution rights of German lubricating oil Fuchs in Pakistan.[3]


The company was founded in 2001 and offered initial public offering in 2007.[3] In 2005, it received oil marketing license from the government.[4]

In 2014, the company was listed on the Karachi Stock Exchange.[4] In 2017, the company announced that it was investing US$20 million, in collaboration with Fuchs, to set up a new plant in Bin Qasim, Karachi.[5] In the same year, it became second-largest oil marketing company in the country.[4]

Vitol, global commodities trader, acquired percent and 15 percent shares in Hascol between 2015 and 2016,[3] and in October 2019, Vitol announced that it was raising its shareholding upward to 41 percent.[6]

In 2021, a scandal surfaced that the company had falsified its books and financial statements in 2019,[7] this, coupled with mounting losses resulted in the company's share price tumbling from over Rs. 300 in 2018 to about Rs. 5 in 2021, and the Pakistan Stock Exchange declaring the company to be in default.[8] The company had its assets frozen by the High Court of Sindh upon request of the company's creditors.[9]

See also[edit]


  1. ^ a b c "Hascol Annual Report 2022" (PDF). hascol.com. Retrieved 26 November 2023.
  2. ^ Hussain, Bilal (September 23, 2019). "The extraordinary rise and spectacular crash of Hascol Petroleum". Profit by Pakistan Today.
  3. ^ a b c "Hascol Petroleum Limited". May 30, 2019.
  4. ^ a b c "What is Hascol hiding?". Profit by Pakistan Today. April 25, 2021.
  5. ^ "Hascol to invest $20 million to set up new plant". Daily Times. February 18, 2017.
  6. ^ "2020 will be a great year for Pakistan's economy: Jahangir | Pakistan Today". archive.pakistantoday.com.pk.
  7. ^ Alam, Kazim (2021-06-22). "Hascol may redo balance sheets after 'false purchase orders' surface". DAWN.COM. Retrieved 2021-11-07.
  8. ^ "Hascol excluded from list of eligible securities: NCCPL". Daily Times. 2021-06-28. Retrieved 2021-11-07.
  9. ^ Tanoli, Ishaq (2021-10-15). "SHC freezes Hascol's assets on Mena Energy application". DAWN.COM. Retrieved 2021-11-07.