Shell signs agreement to sell majority shareholding in Shell Pakistan Limited

[escveritas]

Pakistan – Shell Petroleum Company Limited, a subsidiary of Shell plc (Shell), has agreed to sell its 77.42% majority interest in Shell Pakistan Limited (SPL) to Wafi Energy LLC.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.

The sale is part of Shell’s strategy to high-grade its mobility network and was first announced on Capital Markets Day in June 2023.

The sale is expected to complete by Q4 2024, subject to regulatory approvals. 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 lubricant portfolio.

SPL remains committed to delivering safe and reliable operations.