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KARACHI: Shell Petroleum, global energy giant on Wednesday made the strategic decision to sell its entire 77.42 percent holding in Shell Pakistan Limited and decided to exit the Pakistan market to “simplifying Shell’s portfolio.”

“The Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its Board held on June 14, 2023, have been notified by the Shell Petroleum Company Limited (SPCo) of its intent to sell its shareholding in SPL,” material information sent to Pakistan Stock Exchange said.

Any sale will be subject to a targeted sale process, the execution of binding documentation and receipt of applicable regulatory approvals, it added.

Shell Pakistan in 1QCY23

“This announcement does not impact SPL’s business operations, which continue. The SPL remains committed to continuing to deliver safe and reliable operations for our customers and partners,” SPL said.

In a separate announcement, the spokesperson of Shell Pakistan Limited said Shell Petroleum Company Limited, a subsidiary of Shell plc (Shell), has announced its intention to sell its holding in Shell Pakistan Limited (SPL), simplifying Shell’s portfolio.

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

Any sale will be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals.

Shell is seeing strong interest from international buyers. The SPL remains committed to delivering safe, reliable operations, the spokesperson added.

It is believed that the move came after Shell Pakistan Limited suffered huge financial losses in 2022 due to exchange rates, devaluation of Pak rupee and overdue receivables. The financial crises and economic slowdown in Pakistan could be another reason behind this move.

Copyright Business Recorder, 2023

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Tulukan Mairandi Jun 15, 2023 06:31am
It's now a bank run. Everyone just wanna flee this dastardly soon to demise purported nation. Thanks PDM. Imran Niazi was bad but no so bad.
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Ali Jun 15, 2023 10:48am
Time to pack the bags. Good call !
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Haris Jun 15, 2023 12:41pm
@Tulukan Mairandi, why you give negative and false comments on every news? seems this person is operated from India.
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BK Jun 15, 2023 02:29pm
@Haris, if you hear something you don't like or agree with doesn't mean that the speaker is from India. Truth is often bitter to hear and really does it even matter whether an Indian or non-Indian speaks it?
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BK Jun 15, 2023 02:34pm
This is just the beginning. Default is on the horizon. Foreigners will quickly leave, Pakis that can afford to will do so as well and those who cannot will use illegal and often dangerous ways to exit - many of whom could either perish on their way (like the recent boat crash near Greece) or become victims of human trafficking. Those who will be unfortunate enough to exit will be burdened by poverty, unemployment and hopelessness. Many thanks to the neutrals! This is what they have given us, while they do vacations in the West. Wake up people, or you do not have the guts to take your own destiny in your hands???
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test Jun 15, 2023 03:18pm
One thing for sure no foreign company has did anything good to Pakistan. Look at American, European, Japanese and Korean companies and you will find that these companies has not invested a single billion dollar and second not a single manufacturing facility by these foreign countries and foreign companies. The only good companies are Chinese atleast they are manufacturing or they want to manufacture. Mark my words and mark them well "No country other than China will manufacture anything in Pakistan". Japanese, Americans, Europeans and Koreans are all fraudsters along their local handlers. It is always China which is our brother and will always come to our rescue no matter what. Jewish puppet Imran was launched by the Bajwa to sabotage the brotherly relations between Pakistan and China. If you doubt me then ask Chinese they will tell you that how much they have asked jewish Imran to please restart the work on CPEC but jewish puppet Imran didn't. Chinese already knew jewish Imran in 2013
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