Avanceon secures $6.3mn in fuel retail orders from Pakistan’s leading OMCs

Avanceon Limited (AVN), a Pakistani technology company headquartered in Lahore, announced on Monday that it had successfully secured $6.3 million worth of orders for its fuel retail business from some of the largest oil marketing companies in Pakistan.

The tech company disclosed in a notice to the Pakistan Stock Exchange today.

“These projects reinforce Avanceon’s position as a trusted partner in automation, Automatic Tank Gauging (ATG) systems and digitalisation for the fuel retail and downstream energy sector.

These projects give a pathway for positive impact on the group’s business and value for our shareholders,” the notice read.

AVN said that with the significant automation penetration still to be achieved across the 10,000+ station addressable market, it had a strong platform for sustained growth through new deployments, system upgrades, regulatory compliance, remote monitoring, digital fuel management, and lifecycle services.

“The expanding installed base will also create a growing recurring revenue stream through preventive and corrective maintenance, software, support, and system upgrades.”

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AVN was incorporated in Pakistan on 26 March 2003 as a private limited company, which was converted to a public company on 31 March 2008 under the repealed Companies Ordinance, 1984.

The principal activity of the company is to trade in automation and control equipment and to provide related technical services.