Swiss oil company Trafigura enters Pak market, set to purchase Admore in $40 million deal

Trafigura, the world's second-largest private oil trader, is set to purchase Admoreoil marketing company of Pakistan in a deal of nearly $40 million.

According to reports, the private oil trading company will acquire 51 percent shares in Admore oil marketing company.

Admore Co has as many as 471 petrol pumps across Pakistan, with its headquarter inKarachi.

Admore Cheif Executive Officer Amir Waliuddin Chishti confirmed that the deal with Trafigura is expected to be signed on August 26, further adding that the Swiss oil trading company is scheduled todeploy foreign teams in Pakistan to further expand their investment.

Chishti said that European investment in oil marketing sector is a good omen for the country.