Askar Oil Services (Private) Limited was incorporated on 21st January 2004. The company was granted Oil Marketing Company License on 4th July, 2005. The company started its operations in September 2005 by recording its first sale. Since then the company has shown growth in all aspects of the business. The equity has risen to 800 million and commissioned network locations to 394 plus by the end of June 2014.This trend and is expected to continue and company needs steady level of working capital to sustain this growth rate.
Pakistan offers good opportunity for establishment of new oil marketing companies in view of its fast growing petroleum products market. In order to create healthy competition, achieve efficiencies and attract investment in the downstream oil sector, following steps have been taken by the Government:
- Deregulation of import of fuel oil with effect from 1st July 2000.
- Deregulation of import of High Speed Diesel with effect from 1st January, 2001.
The Downstream Oil Sector (Refining, Marketing, and Distribution) plays a very significant role in Pakistan’s economic development, ensuring uninterrupted supply of petroleum products to the country in order to keep the wheels of the economy moving. With annual sales of Rs. 1.2 trillion, direct employment of over 120,000 people, indirect employment (transport sector) of another 30,000 persons, and capital investment of over 50 billion Pak Rupees over last 5 years, annual generation of taxes around Rs. 250 Billion, the Downstream Oil Sector is a significant contributor to the national well?being.
Askar Oil Services (Private) Limited has step its offices in major towns of the country with its head office at LAHORE, which is meddle of the country. It has registration with prestigious Lahore Chamber of Commerce and industry and other industry forums like Oil Companies Advisory Committee etc.