KARACHI, PAKISTAN: Hascol Petroleum Limited has approved the appointment of Aqeel Ahmed Khan as its CEO w.e.f. 5 August 2021, replacing Adeeb Ahmad who has resigned from the position.
The Board has also approved the appointment of Zafar lqbal Chaudhry and Mustafa Ashraf to the Board as independent directors.
Hascol is currently in negotiations with its creditors to finalize a restructuring of the Company’s liabilities. The Company’s Board and Shareholders are committed to a successful restructuring of the Company and long term options are being evaluated. We finally wish to inform that Hascol has lifted its stay order restraining the SECP’s investigation regarding its 2019 financial disclosures, and is cooperating with the SECP in this regard.
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.