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

Avanceon Limited (AVN), a technology company based in Lahore, said on Monday it had won orders worth $6.3 million for its fuel retail business from several major oil marketers operating in the country. Business Recorder reported that the company made the disclosure in a notice to the Pakistan Stock Exchange.

Management stated that the projects reinforce its standing as a dependable partner for automation, automatic tank gauging (ATG) systems and digitalisation in fuel retail and the downstream energy sector. The company also said the projects could have a positive effect on the group business and on value for shareholders.

AVN noted that considerable automation still needs to be introduced across an addressable market of more than 10,000 stations. It listed growth avenues including fresh installations, upgrades to existing systems, compliance requirements, off-site monitoring and lifecycle services. The company added that its growing installed base would create recurring revenue from maintenance, software and support.