Lahore March 17 2023: Hi-Tech Lubricants Limited inform that Oil and Gas Regulatory Authority (OGRA), through its letters dated March 16, 2023, has permitted HTL to operate New Oil Storage Facility at Nowshera, Khyber Palchtunkhwa (KPK) as well as start of Sale / Marketing of Petroleum Products through operation of upto 35 fuel stations in KPK.
Share price of the company gain PKR 1.74 or 7.5 percent after the announcement at Pakistan Stock Exchange.
Aforesaid operations / permission are valid till the validity of provisional OMC license as issued to HTL by OGRA, i.e. upto December 31, 2023, and subsequent extension therein. Above referred permission has been granted on the basis of Third Party Inspection Report on satisfactory completion of new oil storage facility at Nowshera, KPK as well as pursuant to the guidance provided by Honorable Lahore High Court in a judgement on writ petitions wherein the Company too was a petitioner.
Hi-Tech Lubricants Limited was incorporated under the repealed Companies Ordinance, 1984 (Now Companies Act, 2017). The principal activity of the Company is to procure and distribute lubricants and petroleum products. During the year ended 30 June 2017, Oil and Gas Regulatory Authority (OGRA) granted license to the Company to establish an Oil Marketing Company (OMC), subject to some conditions. On 31 May 2019, Oil and Gas Regulatory Authority (OGRA) has granted permission to the Company to operate new storage facility at Sahiwal and marketing of petroleum products in province of Punjab.