KARACHI: Hascol Petroleum Limited has approved the appointment of Aqeel Ahmed Khan as its CEO with effect from August 5, 2021, replacing Adeeb Ahmad, who has resigned from the position, a statement said.

The board has also approved the appointment of Zafar lqbal Chaudhry and Mustafa Ashraf to the board as independent directors, it added.

Hascol is currently in negotiations with its creditors to finalise a restructuring of the company’s liabilities. The company’s board and shareholders are committed to a successful restructuring and long-term options are being evaluated.

“We finally wish to inform that Hascol has lifted its stay order, restraining the SECP’s [Securities and Exchange Commission of Pakistan] investigation regarding its 2019 financial disclosures, and is cooperating with the commission in this regard.

Hascol Petroleum Limited is a Pakistani oil marketing company, which is active in downstream sector. It is based in Karachi. The company has distribution rights of German lubricating oil Fuchs in Pakistan, it added.

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