, has signed an agreement to sell its 77.42% majority shares to Shell Pakistan Limited (SPL) to Wafi Energy LLC.){kind=link}
WEB DESK
KARACHI: Shell Petroleum, a subsidiary of Shell plc (Shell), has signed an agreement to sell its 77.42% majority shares to Shell Pakistan Limited (SPL) to Wafi Energy LLC. This strategic move aligns with Shell’s commitment to high-grade its mobility network and marks a significant milestone for the company.
The sale was initially unveiled during Shell’s Capital Markets Day in June 2023, and it reflects Shell’s ongoing effort to streamline its portfolio and focus on core business operations. Subject to regulatory approvals, the transaction is expected to conclude by the fourth quarter of 2024.
Following the sale’s completion, the iconic Shell brand will remain a prominent presence in Pakistan, thanks to brand licensing agreements. Customers will continue to enjoy access to Shell’s extensive and high-quality fuel and lubricant portfolio, ensuring the same premium experience that they have come to expect.
SPL, a key player in Pakistan’s energy sector, remains steadfast in its commitment to providing safe and reliable operations. As a listed company on the Pakistan Stock Exchange (PSX:SHEL), SPL’s extensive business footprint in Pakistan includes over 600 mobility sites, 10 fuel terminals, a state-of-the-art lubricant oil blending plant, and a 26% shareholding in Pak-Arab Pipeline Company Limited.
Wafi Energy LLC, a wholly-owned affiliate of Asyad Holding Group, has rapidly risen as a leading fuel retailer in the Kingdom of Saudi Arabia. Notably, they recently signed a license agreement to operate mobility sites under the Shell brand in the kingdom, showcasing their dedication to delivering exceptional service and maintaining the Shell brand’s high standards.
This strategic move by Shell marks the beginning of an exciting new chapter for both companies. It signifies Shell’s ongoing commitment to Pakistan while allowing them to sharpen their focus on key areas of their business. Meanwhile, Wafi Energy LLC’s acquisition of SPL represents a significant step forward in their quest to strengthen their position in the energy industry and uphold the esteemed Shell brand in the Pakistani market.