Hascol Petroleum Limited has announced a major step forward in its financial restructuring process after its Board of Directors approved a restructuring and rescheduling arrangement for the company’s financing facilities with National Bank of Pakistan (NBP).

In a disclosure submitted to the Pakistan Stock Exchange (PSX), the company said negotiations with NBP have been finalized and were approved during an emergent board meeting held on May 15, 2026.

Hascol said it is now completing the remaining documentation and implementation requirements linked to the arrangement.

The company added that once the NBP settlement is fully executed, nearly 92% of its funded banking debt facilities will have been restructured, with only a small number of financing arrangements still pending negotiation or resolution.

The development marks one of the biggest milestones in Hascol’s ongoing efforts to stabilize its balance sheet and resolve long-standing financial pressures.

The company said management and the board remain focused on improving financial discipline, strengthening governance standards, and supporting the company’s long-term recovery strategy.

The disclosure was issued in compliance with the Securities Act, 2015 and PSX regulatory requirements.