Shell Petroleum company plans to exit Pakistan market

MG News | June 14, 2023 at 01:12 PM GMT+05:00

0:00

June 14, 2023 (MLN): Shell Petroleum Company Limited (SPCo) has notified the Board of Directors (BoD) of Shell Pakistan Limited (PSX: SHEL) of its intent to sell its shareholding in SHEL, the company filing on PSX showed today.

This has been notified in a meeting of SHEL's board held on June 14, 2023.

The notice adds that any sale will be subject to a targeted sale process, the execution of binding documentation and the receipt of applicable regulatory approval.

Furthermore, this announcement would not impact the company's current operations and it remains committed to continuing to deliver safe and reliable operations.

SHEL has been in the country for 75 years and has a substantial retail footprint and a strong lubricants business.

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