LAHORE: The 85,000-tonne capacity Hascol Machike Installations at Machike Sheikhupura is a milestone at a time when the country was facing energy problems.
Hascol became the second largest product import Company with 1,91,000 tonne import of furnace oil, diesel and gasoline and import rate is even less than Pakistan State Oil (PSO).
Minister of State for Petroleum and Natural Gas Jam Kamal Khan inaugurating the facility ensured all out support of the government to the Company’s management.
Kamal Khan termed the installation as ‘record breaking’ because earlier Hascol established an installation in Shikarpur and this was another facility within a year.
He said this was a service for the country at a time when the country was under energy crisis and need at least 6-7 months storage capacity for national oil requirements in order to ensure oil security.
It would also boost the confidence of foreign investors and government was very concerned about it and thankful to the Hascol management for taking this initiative.
He said for the growth of the oil industry all institutions of the government should exercise a fair play and transparency.
Oil and Gas Regulatory Authority (OGRA) Chairman Saeed Ahmed Khan said increase in the national storage capacity was a very positive sign to overcome oil storage problems. It is really a good thing, the more oil storage and marketing in the country the more availability of oil in the country and we will overcome shortage issue, he added. Hascol Chief Executive Officer Saleem Butt said their Company did not belong to investors but the professionals, who had long experience before the launch of the Company to ensure success trough their skills, untiring efforts and hard work. He said 12,500 shareholders of the Company were providing service with the commitment to give them good return of their investment besides abiding by all rules and regulations set by the government.
He praised OGRA for creating a momentum in the oil industry by its strict regulations. He said a total 20 marketing companies were operating in the country, the ORGA regulators, especially Vice Chairman Sabir Hussain, visiting from pump to pump and checking availability of the oil, it also cancelled license of eight companies. He requested the ORGRA chairman to continue strict regulatory policy. Hascol Chairman Mumtaz Hassan Khan they have a target to double imports in next 12 months. We have doubled our profit consecutively during last three years and we will show the same progress this year. Our shareholders as well as the bankers are happy with us. He gave the credit to their management team for remarkable achievement.
He said they got license in 2005 and started operations in 2006. It was tough to compete with PSO, Shell, Atttok Oil and other big companies having experience of 20 or 50 years.
Now we are dealing at Rs 5 billion with banks and Pak-Iran investment Company also provided us long-term loans.
Minister switched a button on to formally inaugurate the operation of the Hascol installations followed by his visit to various installations.
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