World's biggest independent oil trader makes new move in Pakistan

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World's biggest independent oil trader makes new move in Pakistan

Vitol Group Ltd. is poised to increase its stake in Pakistan fuel retailer Hascol Petroleum Ltd., according to people with knowledge of the matter.

The world’s biggest independent oil trader intends to remain a minority shareholder after the increase, which it will do through Hascol’s planned rights issue, said the people, who asked not to be identified as the information isn’t public.

The Pakistani company is scheduled to announce the results of the rights issue after a board meeting Wednesday, said the people.

Vitol, which now holds 27.5% in Hascol, has gradually increased its stake since first acquiring 15% in April 2016. A Vitol spokeswoman in London declined to comment. An official from Hascol didn’t immediately respond to a request for a comment.

Hascol posted a net loss of 5.4 billion rupees in the April-June period, the biggest quarterly loss since at least 2014, when Bloomberg started compiling the data. The retailer last month announced it’s looking to raise 6 billion rupees ($39 million) through the rights issue.