Hascol Petroleum

Hascol Petroleum Limited is a Pakistani oil marketing company which is active in downstream sector. It is based in Karachi, Pakistan.

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

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

In 2014, the company was listed on the Karachi Stock Exchange. 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. In the same year, it became second-largest oil marketing company in the country.

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

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