Shell Pakistan has announced that its parent company, Shell Petroleum Company, has signed a deal with Wafi Energy, a Saudi-based company, to sell its domestic operations. The sale is expected to be completed by the fourth quarter of 2024, pending regulatory approvals.
This decision comes after Shell Petroleum Company stated earlier this year that it would exit Pakistan by selling its 77% shareholding. The move is part of a series of announcements regarding Shell’s global operations.
Shell Pakistan has been facing difficulties in recent years. In 2022, the company suffered losses due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables. These challenges have been exacerbated by the financial crisis and economic slowdown in the country.
The Board of Directors of Shell Pakistan has been notified of Shell Petroleum Company’s intent to sell its shareholding. However, this announcement will not impact Shell Pakistan’s current business operations, which will continue as usual.
The buyer, Wafi Energy, is a subsidiary of Asyad Holding Group, a fuel retailer in Saudi Arabia.
Shell Pakistan’s operations consist of over 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant, and a 26% shareholding in Pak-Arab Pipeline Company Limited.
>>Join our Facebook Group be part of community. <<