Russian giant oil company enters into Pakistani market


Moscow, Oct 9 (TNS): Euro Oil, a new oil marketing company venturing into the Pakistani market is working on all China Pakistan Economic Corridor (CPEC) projects, announced that it will open 300 retail stations in Pakistan over the next 3 years, as well as stand-alone lubricant stations in collaboration with Russian giant Gazprom.

11 years ago, Euro Oil had started an oil distribution company Fuel Tech which will now be merged into its parent company.

Sohail Ahmad, Euro Oil Chief Operating Officer, while addressing the ceremony, elaborated on the future plans of the company and informed the audience of foreign investment Euro Oil is bringing to the Pakistan oil industry.

«Euro Oil will introduce new standards of customer service and quality in the market and will invest aggressively to achieve the target of 300 fuel stations in next 3 years,» the COO added.

Ahmad said that thousands of new jobs will be created in the years to come.

«The joint venture with Gazprom to market lubricants and open lubricant centers across Pakistan are evidence enough of large untapped potential of Pakistan oil market.»

He added that a state of the art storage facility of more than 10 million liters is near completion in Sahiwal and 2 new storage facilities in Lahore and Khyber Pakhtunkhwa will be completed next year.

Honorary Consul General of Russia Habib Ahmad showed optimism that such ventures will bring Pakistan and Russia closer to each other and will pave the way of further investment by Russian companies in Pakistan market.