Since its incorporation, the company engaged in different activities of the oil industry. When it was established in 1960 HILUXMECH was the only and first national company in a region where hydrocarbon resources were managed and exploited by foreign companies. The owners vision was a stimulating development and provided an exemplary experience in handling national resources. In its perspective HILUXMECH came as a model for the indigenous potentials, to undertake management and exploitation of the oil resources which started to develop into a colossal source of income capable of sustaining the society welfare and financing its over all development. In 1975 the State acquired full ownership of HILUXMECH and compensated the private shareholders for their stocks.
