In 2016, VITOL, the largest independent oil trading entity in the world, acquired 15% equity in Hascol which was later increased to 27.46% making VITOL the single largest shareholder in the Company.
In joint venture with VITOL, Hascol has also set up an LNG marketing company, VAS LNG (PVT) LTD. Hascol will have a 30% stake in this company and VITOL 70%. Hascol has also signed a Technical Services Agreement with VITOL Aviation enabling Hascol to start fueling aircrafts at Karachi, Lahore and Islamabad airports. Additionally, a separate joint venture company with VITOL, Hascol Terminals Limited (HTL) has constructed one of the largest Petroleum Terminals in Pakistan at Port Qasim, having a capacity of 197,000 Metric Tons. Phase I of this terminal was commissioned in March 2019.
A Lubricants Plant to manufacture lubricants, has also been constructed at Port Qasim which will commence production in 2019.