A Saudi group buys 76.42% of Shell Pakistan Ltd.’s shares.

The parent company, Shell Petroleum Company Limited (SPCo), and the Board of Directors of Shell Pakistan Limited (SPL) met in 2023, during which the latter declared its intention to sell its stake in SPL.

Wafi Energy Holding Limited, a company headquartered in the United Arab Emirates (UAE), is how the Saudi group obtained the shares.

According to the CCP statement, “the acquisition has been approved by the Competition Commission of Pakistan under the Competition Act, 2010, solidifying the said transaction to boost the retail oil sector in Pakistan.”

The retail distribution of motor fuels and lubricants throughout the nation is a significant commercial activity for M/s Shell Pakistan Limited, which is listed on the Pakistan Stock Exchange.

It was said in the announcement that M/s Wafi Energy LLC is a fully-owned affiliate of Asyad Holding Group, which specialised in the management and operation of petrol stations in Saudi Arabia.

Over 600 mobility sites, ten gasoline terminals, a lubricating oil mixing plant, and a 26% ownership stake in Pak-Arab Pipeline Company Limited are among the activities carried out by Shell Pakistan.