The Geneva-based oil trading company, Trafigura, is preparing to sign a deal for purchasing Admore Oil Marketing for $40 million. Trafigura is the world’s second-largest private oil trader after Vitol.
Swiss multinational trader is all set to purchase 51% shares of the Pakistani oil company which is based in Karachi and has with 471 Petrol Pumps across Pakistan.
The investment by the oil trading giant in Pakistan comes as a positive indicator for the striving oil sector of Pakistan.
Both companies are expected to sign a deal on August 26. Admore Chief Executive Officer Amir Waliuddin Chishti, said that the Swiss oil trading company is aiming to invest further in Pakistan and will deploy foreign teams in the country for this purpose.
Chishti was excited about the prospects of foreign investment in the country saying that European investment is a good omen for Pakistan’s oil marketing industry.
( Courtesy Geo News)
