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ISLAMABAD: Finance Minister Ishaq Dar Saturday said Shell Petroleum is not winding up its operations in Pakistan, instead it is selling its shares to another foreign direct investor and the government had been aware of it.

In a news statement through a state-owned news channel, the finance minister said Shell International would transfer its share in Shell Pakistan to another foreign investors and investment would remain in Pakistan.

Shell Petroleum Company intends to sell its stake in Shell Pakistan

He said that as per his information foreign investor is also negotiating to retain the name of Shell as well.

Dar maintained that Shell International is not closing its business in Pakistan and not laying-off employees. Shell network would continue to operate and foreign exchange would not be remitted out of the country

He said news were in media that Shell is closing its business in Pakistan and he wanted to clarify the exact position. He said that Shell International has separated itself from home energy and even in European countries selling its interest or reorganizing them. Dar said that Shell is bound to take approval from the government of Pakistan to sell shares.

Foreign exchange inflow and payments

Meanwhile, the finance minister said that $1 billion of China Development Bank and $300 million of Bank of China were becoming due in the last week of June and as per arrangement with Chinese Banks this facility is extended back to Pakistan after payment and completion of the process by the banks management.

He said Pakistan has offered Chinese banks that it wants to make payment well before the due date and an understanding was reached that Chinese would not charge fee or fine for early payments as is the practice.

Dar added that this was also agreed with the Chinese banks that they would fast track the return of the loan to Pakistan.

The finance minister said Pakistan has received back $1 billion from China Development Bank and $300 million from Bank of China would also be received in the next four to five days.

He said renewal of $1 billion state-to-state dealing is also due and everything is also in order for it to happen.

Dar added that an international ratings agency stated in April that how Pakistan would make payment of $3.7 billion becoming due in May-June and there is likely danger of default.

He said he has also given reaction that arrangement of all the payments becoming due in May and June is in place and there is nothing to be worried about.

He said all the payment becoming due in May and June would be made in time and there would be no change in foreign exchange reserves.

Copyright Business Recorder, 2023

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Syed Tanwir Hasan Jun 18, 2023 06:49am
Good statement.
thumb_up Recommended (0)
R Jun 18, 2023 08:32am
Anything positive coming from these convicted individuals.?
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Tulukan Mairandi Jun 18, 2023 11:13am
Yup. Shell is selling its shares and getting out of Pakistan.
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Tulu Mar Jun 18, 2023 11:59am
What is the difference, they Selling all its business and going out ... Whata finance minster they gave us .
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Johnny Walker Jun 18, 2023 02:15pm
Shell is not selling its shares. That is correct. Shell is only transferring shares to Sharif Petroleum and Bilawal Petroleum. Business will continue as usual.
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Martian Jun 18, 2023 02:51pm
What else does that mean when someone sells shares ? Does anyone think after selling shares Shell will let other buyers use its Name ?
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IMTIAZ CASSUM AGBOATWALA Jun 18, 2023 03:07pm
What else is disinvestment ?
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M.S Jun 18, 2023 03:21pm
They started corruption on day one by letting machinery in from India without paying taxes.
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Shabir Ahmad Jun 18, 2023 06:13pm
وہ میرے شئیر کی قیمتوں میں کمی آئی ہے صرف مجھے نقصان نہی ہوا.
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Ch. K A Nye Jun 18, 2023 06:54pm
This man is a pathological liar and continues to believe that the people are buying his lies.
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Shabir Ahmad Jun 18, 2023 07:50pm
Shell also exit from Singapore.
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zh Jun 18, 2023 08:33pm
Hope, it is true that Shell is not leaving the country. Considering the source, however, it is hard to believe.
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