Shell to complete 77.42% stake sale in Shell Pakistan to Wafi Energy by 4Q2024
MG News | November 13, 2023 at 10:34 PM GMT+05:00
November 13, 2023 (MLN): Shell Petroleum Company Limited (SPCo) has agreed to sell its 77.42% majority interest in Shell Pakistan Limited (PSX: SHELL) to Wafi Energy LLC and the sale is expected to be completed by 4Q2024, subject to regulatory approvals, as per a notice issued by SPCo today.
The decision supports its intention to high-grade and simplify its portfolio.
Wafi Energy LLC, a wholly owned affiliate of Asyad Holding Group, is a leading fuel retailer in the Kingdom of Saudi Arabia and last year signed a license agreement to operate mobility sites under the Shell brand in the kingdom.
Upon, completion, the Shell brand will remain in Pakistan through brand licensing agreements and customers will continue to have access to Shell's premium fuel and lubricants portfolio.
Importantly, similar to when the announcement of Shell's intent to exit was made, this announcement does not impact SPI's current business operations.
The teams supporting customers, clients and communities will not change and the business will continue to run as is. SPL remains committed to delivering safe and reliable operations.
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