Daily Times

KARACHI: The world’s largest handler of arbitrage jet fuel, Vitol Aviation B.V Netherlands will provide core and technical support services to the Hascol Petroleum to provide jet fuels to the aviation industry in Pakistan.

The company secretary at Hascol, Zeeshan Ul Haq in a notice sent to the Pakistan Stock Exchange (PSX) informed that Hascol Petroleum has entered into a five-year aviation operations & technical services agreement with Vitol Aviation B.V Netherlands.

By virtue of the agreement, Vitol Aviation B.V will provide core and technical support services to Hascol Petroleum for the provision of jet fuels to the aviation industry in Pakistan at selected airfields.

Also, Hascol Petroleum has joint venture with Vitol Dubai (a subsidiary of Vitol Aviation B.V) for developing and operating a 200,000 metric ton oil storage/terminal facility at Port Qasim Authority while Vital had bought a 15 percent stake in Hascol for $28.1 million.

Vitol Aviation is a leading provider of jet fuel worldwide as it supplies 5.7 million tonnes of jet fuel a year into wing, at over 60 airports across four continents.

In Europe, North America and Africa, Vitol handles over 13 million tonnes of jet fuel each year. The company supplies the industry’s leading brands, from oil majors and national oil companies to the world’s largest airlines and military customers. Our shipping and operations experts work side by side with the product specialists to maximise efficiency and efficacy.

The Vitol group has around 100 vessels on long term charter at any one time, and is the largest spot charterer in the world with over 6,600 ship voyages per annum. Coupled with access to over 3 million tonnes of jet storage capacity, pipeline, barge, truck and train operations, this logistical expertise and product handling knowledge enables Vitol to consistently deliver value and excellence.

Pakistan’s aviation industry comprises of four domestic players including Pakistan International Airlines (PIA), Shaheen Air International Limited (SAI), Air Blue Limited and Serene Air.Total passenger traffic has grown at a CAGR of 5.3 percent over the last 5 years and has reached 15.1millon passengers during Fiscal Year 2014-15.

Based on economic and demographic growth, IATA has projected intra Pakistan air traffic to grow at 9.9 percent over the next 20 years, more than twice the 4.1 percent projected annual world growth rate. This supports the prospects of growing revenues for airliners.