Mumtaz Hasan Khan Shares Insights on the Oil Business in Pakistan - Press Release issued by Lahore University of Management Sciences.

Lahore -- February 19, 2019 (PPI-OT)

Following is the text of press release issued by Lahore University of Management Sciences (LUMS)

Quote

The recent episode of Leaders at LUMS presented the extremely interesting workings of the oil business in Pakistan. The session, arranged by the Office of Advancement on February 15, 2019, featured Mumtaz Hasan Khan, Chairman of Hascol Petroleum Limited, who inspired the audience with a motivational account of his personal and professional accomplishments. Dr. Parvez Hassan, member of the LUMS Management Committee and a very close friend of Mr. Khan, introduced him to the audience. Mr. Adeel Hashmi, the moderator of the talk, requested Mr. Khan to elaborate on the oil business and share the working model of oil marketing companies in Pakistan.

Mr. Khan succinctly defined the oil business as a combination of four components including exploration, extraction, refining of crude oil and converting it into marketable products like petrol, diesel etc. and finally the marketing of refined products. Narrating the journey of Hascol, Mr. Khan shared a very interesting story. He told the audience that he moved to London in 1980 and started supplying oil from international markets to Pakistan without having any distribution network in the country.

In 2004, the government decided to open up the oil market and persuaded by an associate in the oil business, he applied for an oil marketing company (OMC) licence. His close friends in the oil business developed a business plan for him, a pre-requisite of getting an OMC licence. Owing to his vast experience and knowledge of the field, he eventually got the licence in 2005 without much trouble.

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