Attock Petroleum Limited, Pakistan's third-largest oil distributor, said Wednesday it was looking into the possibility of buying Chevron's downstream fuel assets in Pakistan and Egypt.
In a filing with the Karachi stock exchange, Attock said: "APL is one of the interested parties conducting due diligence in relation to the proposed acquisition. The decision to participate in the proposed acquisition or not, other formalities, terms and conditions will be finalized subject to satisfactory completion of due diligence and board of directors' approval."
Chevron, in a securities analyst meeting on March 13, said that it was reviewing its Egypt and Pakistan fuel businesses and expected to make a decision on the future of these operations this year, Platts reported previously.
Chevron has 538 retail outlets in Pakistan that operate under the Caltex brand name. The company's share in the Pakistani retail fuel market comes to about 5%, placing it at fourth place behind Pakistan State Oil, Shell Pakistan and Attock Petroleum. In addition to its retail outlets, Chevron has 12 storage depots with a total capacity of about 12,000 mt, an 11% stake in a cross-country oil pipeline, and a 12% stake in Pakistan Refinery Limited.
Attock Petroleum -- a subsidiary of the Attock Group -- has about 331 retail outlets and a market share of around 8%. The Attock Group also owns Attock Refinery Limited and National Refinery Limited.
Pakistan consumes around 20 million mt/year (400,000 b/d) of oil products, of which only about 13% is met through local resources, with the rest imported.
