APL to expand EV charging, oil storage networks

Firm also plans to switch to on-grid solar systems to embrace green energy solutions

KARACHI:

Attock Petroleum Limited (APL), a leading oil marketing company with a 10.2% market share in FY24, has announced plans to expand its electric vehicle charging station network, petroleum retail outlet chain, and oil storage capacity in the current fiscal year 2024-25.

According to its latest Annual Report 2023-24, published on Wednesday at the Pakistan Stock Exchange (PSX), the company is "actively working on expanding its DC Fast Electric Vehicle Charging network to Motorway service areas." It has successfully installed and commissioned EV charging facilities at Islamabad Club and Garrison Filling Station. Additionally, the EV charging facility at Hassan Petroleum, Blue Area, Islamabad, has been upgraded. The company also plans to switch over to On-Grid Solar Systems at retail outlets and storage terminals.

APL is taking significant steps towards sustainable energy solutions, aligning with the country's vision for a clean and green Pakistan and supporting the government's Alternative and Renewable Energy Policy. Currently, the company operates a network of over 750 retail outlets and nine oil storage terminals nationwide.

In Rawalpindi, APL is constructing new retail sites on Murree Road and in Bahria Town to increase brand visibility. In Lahore, it is expanding its network with new sites on Raiwind Road and Canal Road in Izmir Town. In Karachi, the company is developing new sites in the Industrial Area, Naval Colony Road, Nazimabad, Main Korangi Road, and MA Jinnah Road to enhance brand equity.

During FY24, the company faced numerous challenges, resulting in an 8% decrease in sales volume compared to the previous year, while the overall industry saw a 9% decline. Despite this, APL's market share of petroleum products increased to 10.2%.

The company successfully executed its contract to supply jet petroleum to the Pakistan Army in 2023-24 and has been awarded the contract to supply high-speed diesel (HSD), PMG, and jet petroleum for 2024-25 as well.

According to its annual report, the company is currently addressing legal challenges to construct a Bulk Oil Terminal at Tarujabba with a storage capacity of 22,950 metric tonnes.

In recent years, the company has significantly expanded its retail presence in the northern region and secured commercial contracts with defence entities, leading to increased demand. To meet this demand, the company plans to add 10,000 metric tonnes of premium motor gasoline (PMG) storage at the Rawalpindi Bulk Oil Terminal and 18,700 metric tonnes of PMG storage at Port Qasim Terminal in Karachi.

Looking ahead, the management is committed to enhancing the supply chain and investing significant resources in developing and expanding the retail network.