Hascol Petroleum Appoints Javed Ahmedjee as CEO

Hascol Petroleum Limited has designated Javed Ahmedjee as its Chief Executive Officer (CEO), effective May 5, 2025. The corporation communicated this update in a notification to the Pakistan Stock Exchange (PSX) this Monday.

The Oil Marketing Company (OMC) stated that Ahmedjee is a seasoned executive and entrepreneur possessing more than three decades of expertise in spearheading business transformation throughout energy, banking, pharmaceuticals, healthcare, education, and capital markets.

“His leadership encompasses Pakistan, Africa, and Europe, marked by significant roles in Fortune 500 enterprises and regional establishments,” the company highlighted.

As per the notification, Ahmedjee has been crucial in Pakistan’s largest pharmaceutical merger and has executed intricate mergers and acquisitions across developing economies.

“Notably, he spearheaded the revitalization of Puma Energy, evolving it into a commercially sustainable and forward-thinking entity.”

Furthermore, Ahmedjee is an advisor to entities such as Citibank, GSK, Puma Energy, Shajar Capital, and Karachi Port Trust.

“This appointment signifies a pivotal moment for the organization. We are delighted to welcome him to the Board and value the wealth of experience he brings,” HASCOL conveyed.

“With sustained backing from our shareholders, the Board is dedicated to upholding robust governance and impactful leadership.”

This appointment occurs amidst ongoing challenges for HASCOL.

In 2022, the Federal Investigation Agency (FIA) apprehended Mumtaz Hasan, the founder of Hascol Petroleum Limited, as part of an inquiry into an alleged Rs54-billion fraud.

“The FIA Commercial Banking Circle has filed a case against 30 suspects – including former and current officers of the National Bank of Pakistan and Hascol – and one suspect has been taken into custody following the discovery of evidence in an investigation into bank default, financial fraud, and money laundering exceeding Rs54 billion by Hascol Petroleum Company,” a statement from the FIA disclosed at the time.

Subsequently, HASCOL’s board initiated a strategy to overhaul the company’s Rs54-billion debt.