International Oil Trading Company BB Energy invests in Pakistan's Euro Oil
LONDON - BB Energy’s downstream division has completed its investment in Pakistan-based Euro Oil, the trading company said in a statement on Monday.
Euro Oil, which is operating in Pakistan, has ~7k tons storage capacity for retail and wholesale oil products and services throughout Pakistan.
“The investment provides Euro Oil with growth capital in order to deliver on its growth strategy of rolling out over 375 retail stations and building in excess of 50,000 tons of storage capacity throughout Pakistan,” it added.
Sohail Ahmed, the Chief Operation Officer, Euro Oil, explained after this development: "The company has planned to establish 300 retail outlets in the country until 2022. Our valued customer will find Euro Oil on every main road of the country".
"Our mission is to be ranked among the top 5 OMCs in Pakistan by 2022 by offering the highest quality petroleum products and services – fueled by our passion to provide the best customer service," Sohail maintained.
Independent oil trader BB Energy invests in Pakistan’s fuel retailer Euro Oil that opened its first station last year. Move similar to global traders Vitol and Trafigura that have also invested in local⛽️ sellers pic.twitter.com/JNpCwSaAAQ— Faseeh Mangi (@FaseehMangi) October 6, 2020
The Investment in Euro Oil is part of “the BB Energy Group’s long-term strategy to invest in energy infrastructure around the world,” said Khaled Bassatne, managing director of BB Energy Gulf DMCC, “in order to complement our trading activities and supply quality petroleum products to the Pakistan downstream oil market”.
BB Energy is among the world’s leading independent energy trading companies, with consolidated experience in trading, operations, chartering, logistics, storage, refining and financing. Trading more than 20 million metric tonnes (MT) of crude and products annually, BB Energy is one of the most active gas oil, gasoline, bitumen and fuel oil traders in the Mediterranean.
BB Energy has trading hubs in the UAE, the U.K., the US, and Singapore.
- UN stockpiling billion syringes for Covid-19 vaccine11:50 PM | 19 Oct, 2020
- Punjab govt finds Ramazan Bazaar-type solution to beat inflation10:59 PM | 19 Oct, 2020
- PM’s special aide Sania Nishtar tests positive for coronavirus09:53 PM | 19 Oct, 2020
- Eid Miladun Nabi — PIA announces special discount on flights for ...08:47 PM | 19 Oct, 2020
- Top UK general acknowledges Pakistan Army's efforts for regional peace08:25 PM | 19 Oct, 2020
- Is '50 Crore' truly a desi version of 'Money Heist'?02:28 PM | 19 Oct, 2020
- Yolanda Hadid shares new photo of Gigi Hadid and Zayn Malik's baby ...12:08 PM | 19 Oct, 2020
- Zaid Ali T gifts his wife a brand new car11:27 AM | 19 Oct, 2020
- PCB announces squad for Zimbabwe series01:53 PM | 19 Oct, 2020
- Captain (retd) Safdar's arrest occurred under "extreme pressure", ...12:25 PM | 19 Oct, 2020
- Nawaz Sharif’s summons posted in local newspapers11:19 AM | 19 Oct, 2020