June 18, 2023 (MLN): Shell is not closing its operations in the country, and neither will there be any layoffs of employees, Financial Minister Muhammad Ishaq Dar clarified in a press conference on Saturday.
He assured that business operations would continue as usual, and employees need not worry about their job security.
He stated that the speculations and media reports creating hype in recent days about Shell's future in Pakistan are unfounded.
Ishaq Dar emphasized that any decisions made by Shell would adhere to Pakistan's rules and regulations.
He disclosed that Shell is considering selling shares to another foreign investor.
The minister highlighted that for Pakistan, it would make no difference whether the shares are owned by Investor A or Investor B, as both would be foreigners bringing foreign direct investment into the country.
He stressed that Shell's plans are not limited to Pakistan alone but also extend to other Asian countries. Hence, the developments are not a reflection of Pakistan's economic conditions.
Ishaq Dar further revealed that the government was aware of these plans for several months, indicating that there was no cause for concern.
He also mentioned that the new investor might consider retaining the name "Shell" as per their preference.
The statement by Ishaq Dar aims to dispel the concerns and speculations surrounding Shell's future in Pakistan.
