BB Energy follows in the footsteps of Vitol, a Geneva-based oil trading company, and Trafigura, an Amsterdam-based oil trading company, both of whom have recently invested in the country’s petroleum sector.
Commenting on the deal, Diana said: “We were delighted to work as trusted legal advisers to the team at BB Energy on this exciting investment opportunity. Sustained growth in the consumption of natural gas, petroleum, and petrochemical products is one of the major drivers of growth for oil and gas companies in the region, particularly, in Pakistan, and the market is expected to continue increasing. We wish both parties in the transaction continued further success.”
Founded in 1937, BB Energy now trades more than 20 million metric tonnes of crude oil and petroleum products annually.
BB Energy is the biggest gasoil and gasoline trader in the Mediterranean region. It has offices in Australia, Belgium, Greece, Lebanon, Malaysia, Morocco, Russia, Singapore, Turkey, UAE, the United Kingdom and the USA.
Last year in April, Euro Oil inaugurated its first petrol station in Jahaniyan, Khanewal, with an aim to provide high-quality petroleum products and create employment opportunities in Pakistan.
By the end of 2020, Euro Oil intends to inaugurate at least 140 filling stations all over Pakistan. In total, Euro Oil has planned to open 375 petrol stations across Pakistan, which will rank it among the top five petroleum companies in the country.
Investment in Euro Oil is part of “the BB Energy Group’s long-term strategy to invest in energy infrastructure around the world,” said Khaled Bassatne, managing director of BB Energy Gulf DMCC, quoted Bloomberg “in order to complement our trading activities and supply quality petroleum products to the Pakistan downstream oil market”.