Karachi, November 1, 2023 – Shell Petroleum Company Limited, a subsidiary of Shell plc, has reached an agreement to sell its majority interest of 77.42 percent in Shell Pakistan Limited (SPL) to Wafi Energy LLC.
This strategic move is in line with Shell’s commitment to optimizing its mobility network, as previously announced during Capital Markets Day in June 2023.
The sale transaction is anticipated to conclude in the fourth quarter of 2024, subject to regulatory approvals. After the sale, the Shell brand will continue to have a presence in Pakistan through brand licensing agreements, ensuring that customers maintain access to Shell’s premium fuel and lubricant portfolio.
SPL remains dedicated to providing safe and reliable operations and will continue to serve its customers in Pakistan.
SPL, a publicly listed company on the Pakistan Stock Exchange (PSX:SHEL), boasts a substantial business footprint in Pakistan. This includes over 600 mobility sites, ten fuel terminals, a 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, is a prominent fuel retailer in the Kingdom of Saudi Arabia. Last year, Wafi Energy LLC signed a license agreement to operate mobility sites under the Shell brand within the Kingdom, underscoring their commitment to providing high-quality services to their customers.
This strategic transaction signifies a significant development in the energy and mobility sector in Pakistan and demonstrates Shell’s ongoing commitment to delivering value and high-quality products to its customers.
