Hascol Petroleum appoints Javed Ahmedjee as CEO

Hascol Petroleum Limited has appointed Javed Ahmedjee as its Chief Executive Officer (CEO), effective 05 May 2025.

The listed company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

The OMC shared that Ahmedjee is a senior executive and entrepreneur “with over 30 years of experience driving business transformation across energy, banking, pharmaceuticals, healthcare, education, and capital markets”.

“His leadership spans Pakistan, Africa, and Europe, with key roles in Fortune 500 companies and regional firms,” the company stated.

According to the notice, Ahmedjee has played a pivotal role in Pakistan’s largest pharmaceutical merger and executed complex M&A across emerging markets.

“Notably, he led the turnaround of Puma Energy, transforming it into a commercially viable, future-ready enterprise.”

Moreover, Ahmedjee also serves as an advisor to institutions like Citibank, GSK, Puma Energy, Shajar Capital, and Karachi Port Trust.

“This appointment marks an important step for the company. We are pleased to welcome him to the Board and value the experience he brings,” HASCOL stated.

“With the continued support of our shareholders, the Board remains committed to ensuring sound governance and effective leadership.”

The appointment comes against the backdrop of ongoing challenges for HASCOL.

In 2022, the Federal Investigation Agency (FIA) arrested Mumtaz Hasan, founder of Hascol Petroleum Limited, as part of its investigation into an alleged Rs54-billion scam.

“The FIA Commercial Banking Circle has registered a case against 30 suspects – including former and current officers of the National Bank of Pakistan and Hascol – and one suspect has been arrested after pieces of evidence came to light in an inquiry into bank default, financial fraud and money laundering of more than Rs54 billion by the Hascol Petroleum Company,” read a FIA statement back then.

Following this, HASCOL’s board initiated a plan to restructure the company’s Rs54-billion debt.