Hascol Petroleum
Corporate brand
UnclaimedHascol Petroleum is a Pakistani oil marketing company supplying fuels, LPG, lubricants and related energy products through a national distribution network.
Last updated August 31, 2026
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Overview
Hascol Petroleum Limited is a Pakistan-based oil marketing company headquartered in Karachi. Founded in 2001 by Mumtaz Hasan Khan, the company developed from the wider petroleum-trading experience associated with Hascombe Limited, a London-based crude oil and refined-products trading business established by Khan in 1980. Hascombe supplied petroleum products to Pakistan during the 1990s and arranged gasoline shipments to the country after petroleum supply disruptions connected with the 1990 invasion of Kuwait. Hascol obtained a Pakistani oil-marketing licence in 2005 and subsequently built a retail and wholesale distribution business covering motor fuels, aviation fuel, furnace and fuel oil, LPG, chemicals and lubricants. It was listed on the Karachi Stock Exchange in 2014. The company expanded rapidly during the following years, adding storage, terminals, lubricant manufacturing and forecourt-related services. Its retail network grew to more than 400 service stations, while its product portfolio included gasoline, high-speed diesel, fuel oil, Jet A-1 aviation fuel, LPG and FUCHS lubricants. Vitol became a significant strategic investor during Hascol's expansion phase. Vitol Dubai Limited acquired 15 percent of Hascol in February 2016 for approximately US$28 million and increased its holding to 25 percent in June 2017 after a further investment of approximately US$18.7 million. Hascol also obtained rights to manufacture and distribute FUCHS lubricants in Pakistan. In 2017 it began developing a lubricant blending plant at Port Qasim and formed joint ventures connected with LNG and petroleum-terminal infrastructure. Hascol Terminals Limited, established with Vitol-VTTI, developed a 200,000-tonne oil terminal at Port Qasim that was commissioned in 2019. The company diversified further in 2018 by acquiring an LPG plant from Marshal Gas and entering a joint-operations agreement with Total Parco Pakistan. Its commercial footprint included storage depots at Mehmoodkot, Daulatpur, Machike, Shikarpur and Sahiwal, as well as pipeline access toward northern Pakistan. Additional consumer-facing businesses included Hasmart convenience stores, AutoMax LPG stations and the Hascol fuel-card service. Hascol's expansion was followed by a severe financial crisis. For the year ended December 31, 2019, it reported a net loss of approximately Rs26 billion, attributing the deterioration to foreign-exchange losses, weaker fuel-oil demand and high inventory costs. Subsequent allegations concerning trade-finance documentation, bank borrowings and the accuracy of the company's 2019 books led to regulatory, legal and criminal investigations. The company was reported to have suffered a dramatic collapse in market value, and the Pakistan Stock Exchange declared it to be in default. Creditors also obtained an order freezing company assets from the High Court of Sindh. Hascol entered a period of proposed ownership change and restructuring. Taj Gasoline announced an intention in 2023 to acquire at least 41 percent of the company through a new-share subscription, but withdrew the proposal in January 2024. In December 2023, Dubai-based Millat Energy Group, through Millat Global Holdings, expressed interest in acquiring 76 percent of Hascol's fully diluted share capital. Hascol remains associated with Pakistan's oil-marketing and petroleum-infrastructure sector, although its financial condition, ownership outcome and long-term operating position require continuing verification.
History
Hascol Petroleum was founded in Pakistan in 2001 by Mumtaz Hasan Khan. Its origins were connected to Khan's earlier petroleum-trading activities through Hascombe Limited, a London-based company founded in 1980. Hascombe traded crude oil and refined products and supplied petroleum to Pakistan during the 1990s. It also arranged gasoline shipments to Pakistan in February 1992 after regional supply disruption associated with the invasion of Kuwait. Hascol received its Pakistani oil-marketing licence in 2005, allowing it to develop a domestic downstream petroleum business. The company expanded through fuel retailing, bulk distribution, storage and the sale of petroleum-related products. It became publicly listed on the Karachi Stock Exchange in 2014. A major expansion phase followed the arrival of Vitol as a strategic investor. Vitol Dubai Limited purchased 15 percent of Hascol in February 2016 and increased the holding to 25 percent in June 2017. Hascol also secured the right to manufacture and distribute FUCHS lubricants in Pakistan. In February 2017, it began developing a lubricant blending plant at Port Qasim with a reported investment of US$20 million. Hascol and Vitol also formed VAS LNG as a joint venture, while Hascol Terminals Limited was established with Vitol-VTTI to develop petroleum import and storage facilities. The Port Qasim terminal, designed for 200,000 tonnes, was commissioned in 2019. The company broadened its activities in 2018 by acquiring an LPG plant from Marshal Gas, subject to approval by the Oil and Gas Regulatory Authority. It also entered into a joint-operations agreement with Total Parco Pakistan. Hascol's operating infrastructure included more than 400 service stations, storage depots at Mehmoodkot, Daulatpur, Machike, Shikarpur and Sahiwal, and pipeline access serving northern markets. Its consumer-oriented businesses included Hasmart convenience stores, AutoMax LPG outlets and a fuel-card programme. The expansion was followed by a serious deterioration in financial performance. Hascol reported a net loss of approximately Rs26 billion for 2019 and attributed the loss to foreign-exchange exposure, declining fuel-oil demand and inventory costs. In 2021, the Federal Investigation Agency began a criminal probe concerning approximately Rs54.5 billion in bank borrowings and suspected fabrication of trade-finance documents. Allegations also concerned purported letters of credit and transfers allegedly associated with over-invoicing. Separate reporting described the falsification of books and financial statements in 2019. The company's shares fell sharply from their 2018 level, and the Pakistan Stock Exchange declared Hascol to be in default. The High Court of Sindh subsequently froze company assets at the request of creditors. Ownership and restructuring proposals emerged after the crisis. Taj Gasoline proposed subscribing for new shares representing at least 41 percent of Hascol in 2023, but withdrew the offer in January 2024. In December 2023, Millat Energy Group, through Millat Global Holdings, expressed interest in acquiring 76 percent of Hascol's fully diluted capital. The later legal proceedings included the 2026 acquittal of former National Bank of Pakistan president Iqbal Ahmed Ashraf in the loan-scam case, with the court observing that most other defendants had already been acquitted, exonerated or converted into witnesses.
- 2024
Taj Gasoline withdraws proposal
[1]Taj Gasoline abandons its proposed acquisition of at least 41 percent of Hascol.
- 2023
Potential ownership changes proposed
[1]Taj Gasoline proposes a substantial share subscription, and Millat Energy Group later expresses interest in a majority acquisition.
- 2021
Financial and criminal investigations intensify
[1]The Federal Investigation Agency opens a probe into alleged financing and trade-document irregularities, while the company enters default-related proceedings.
- 2019
Port Qasim terminal commissioned
[1]Hascol Terminals' 200,000-tonne oil terminal at Port Qasim becomes operational.
- 2019
Severe financial loss reported
[1]Hascol reports an approximately Rs26 billion net loss for the year ended December 31.
- 2018
LPG and operating partnership expansion
[1]Hascol acquires an LPG plant from Marshal Gas and enters a joint-operations agreement with Total Parco Pakistan.
- 2017
Expansion into lubricants and terminals
[1]Vitol raises its holding to 25 percent; Hascol obtains FUCHS lubricant rights and advances terminal and blending-plant projects.
- 2016
Vitol takes a strategic stake
[1]Vitol Dubai Limited acquires 15 percent of Hascol's share capital.
- 2014
Public listing
[1]The company is listed on the Karachi Stock Exchange.
- 2005
Oil-marketing licence granted
[1]Hascol receives a government licence to market petroleum products in Pakistan.
Products and positioning
A Pakistani downstream energy and oil-marketing company combining retail fuel stations with wholesale petroleum distribution, LPG, lubricants, storage and terminal infrastructure.
Motor fuels
Hascol motor fuels
Hascol markets gasoline and high-speed diesel through a network of more than 400 service stations in Pakistan. These products form the core of its retail oil-marketing business and are distributed through the company's forecourt network and associated storage infrastructure.
Industrial petroleum products
Fuel oil
Fuel oil is part of Hascol's wholesale petroleum portfolio. The company historically supplied this product to industrial and energy-related customers, although declining fuel-oil demand was identified as one factor in its 2019 financial deterioration.
Aviation fuel
Jet A-1
Hascol's product range includes Jet A-1 aviation fuel, extending its downstream petroleum activities beyond road transport into aviation-fuel supply and distribution.
Liquefied petroleum gas · 2018
LPG and AutoMax LPG
Hascol sells liquefied petroleum gas and operates AutoMax LPG stations. In 2018, it acquired an LPG plant from Marshal Gas with approval from Pakistan's Oil and Gas Regulatory Authority.
Lubricants · 2017
FUCHS lubricants
Hascol holds rights to manufacture and distribute German FUCHS lubricants in Pakistan. The company began developing a lubricant blending plant at Port Qasim in 2017 as part of its move into value-added petroleum products.
Forecourt convenience retail
Hasmart
Hasmart is Hascol's convenience-store format located at or associated with its fuel-station forecourts. It complements the company's petroleum retailing proposition with non-fuel consumer services.
Controversies
2021
Trade-finance and loan-fraud investigation
The Federal Investigation Agency investigated approximately Rs54.5 billion in bank borrowings and alleged fabrication of trade-finance documents involving Hascol-related transactions. Allegations also included fictitious letters of credit and transfers allegedly connected with over-invoicing. Related reporting described falsification of company books and financial statements in 2019. The company's assets were later frozen by the High Court of Sindh at creditors' request.
Brand decisions
2023
Proposed Taj Gasoline investmentM&ABackground
Hascol's financial distress prompted proposals for new capital and ownership restructuring.
Action taken
Taj Gasoline announced an intention to subscribe for new shares representing at least 41 percent of Hascol's share capital.
Aftermath
The proposal was withdrawn in January 2024.
2023
Millat Energy Group expresses acquisition interestM&ABackground
A separate investor considered acquiring control of Hascol after the company's financial and legal difficulties.
Action taken
Millat Energy Group, through Millat Global Holdings, expressed interest in acquiring 76 percent of Hascol's fully diluted share capital.
Aftermath
The referenced material does not establish that the proposed transaction was completed.
2018
Acquire Marshal Gas LPG plantM&ABackground
Hascol aimed to strengthen its LPG presence as part of wider product diversification.
Action taken
The company acquired an LPG plant from Marshal Gas after obtaining approval from the Oil and Gas Regulatory Authority.
Aftermath
The acquisition supported Hascol's LPG activities and its AutoMax LPG station network.
Acquisition consideration. Rs175 million (2018)
2017
Expand into lubricants and petroleum infrastructureStrategyBackground
Hascol sought to broaden its downstream portfolio beyond fuel retail and distribution.
Action taken
The company secured FUCHS lubricant rights, began work on a Port Qasim blending plant, formed an LNG joint venture and established a terminal joint venture with Vitol-VTTI.
Aftermath
The Port Qasim oil terminal was commissioned in 2019, while the company later experienced a severe financial crisis.
2016
Accept Vitol's strategic investmentM&ABackground
Hascol pursued capital and strategic support during a period of downstream expansion.
Action taken
Vitol Dubai Limited acquired 15 percent of Hascol's share capital, with an option to purchase a further 10 percent.
Aftermath
Vitol increased its holding to 25 percent in 2017 and became Hascol's majority shareholder according to the referenced company description.
Initial equity investment. Approximately US$28 million invested for 15 percent (February 2016)
Sources1 sources
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