Hascol Petroleum has created a joint venture to develop and operate an oil storage terminal facility.
A notification to Pakistan Stock Exchange details that the company will construct the facility at the Port Qasim Authority along with other sponsors and investors who have not been named.
Hascol will acquire a 15% equity stake in the joint venture company for an investment of PKR 375 million (€3.2 million). The facility will have approximately 200,000 metric tonnes of storage.
Farooq Rahmatulah Khan, director of Hascol Petroleum says that the company is building new storage depots across the country in light of the operational dynamics of the oil market. Additionally, the company seeks to create a lube oil blending and grease plant.