March17(EA Report)–Oil and Gas Regulator(OGRA ) allowed Hi-Tech Lubricants for new oil storage facility in KP in addition of selling petroleum products through up to 35 fuel stations in the province.
The regulator has also allowed the company to sell its petroleum products through up to 35 fuel stations in the province. The company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to inform that OGRA, through its letters dated March 16, 2023, has permitted HTL to operate new oil storage facility at Nowshera, KPK as well as start of sale/marketing of petroleum products through the operation of upto 35 fuel stations in KPK,” read the notice.
The company said that the aforesaid operations/permission are valid till the validity of provisional Oil Marketing Company (OMC) license as issued to HTL by OGRA, i.e. till December 31, 2023, and subsequent extension.
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The “permission has been granted on the basis of a third-party inspection report on satisfactory completion of new oil storage facility at Nowshera, KPK as well as pursuant to the guidance provided by Lahore High Court in a judgement on writ petitions, wherein the company too was a petitioner,” added the company.
It is pertinent to mention that OGRA, subject to some conditions, granted a license to HTL to establish an OMC on 30 June 2017.
On 31 May 2019, OGRA granted permitted the company to operate a new storage facility at Sahiwal, Punjab and marketing of petroleum products in the Punjab province.
At the time of filing, the shares of HTL were being traded at Rs.23.63, an increase of Re0.43 or 1.85%.
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