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Saudi Aramco is exploring a potential bid for Shell Plc’s assets in Pakistan, reported Bloomberg, citing people familiar with the matter. The potential deal could mark the oil-rich nation’s first foray into the South Asian nation, the report published Friday added.

Saudi Aramco is studying the Shell assets including Pakistan Stock Exchange (PSX)-listed Shell Pakistan Ltd., which has a market value of about $123 million, the report added.

Citing the people, who were not identified as the “information is private”, the report added that Pakistani assets could be valued at around $200 million in a transaction.

There’s no certainty the deliberations will lead to a transaction, and other suitors could also emerge, the report further quoted the people as saying.

A representative for Shell, quoted by Bloomberg, said the company is seeing strong interest from local and international buyers, declining to comment on specific companies.

“Any sale will be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals,” the representative was quoted as saying.

Back in June this year, Shell Pakistan Limited (SPL) had announced that its parent company, Shell Petroleum Company Limited (SPCo), has notified its intent to sell its shareholding in SPL.

The Bloomberg report said the divestment plan comes as Shell executes a strategy under Chief Executive Officer Wael Sawan to increase returns to shareholders and cut businesses that aren’t making enough money.

In July, Pakistan Refinery Limited (PRL) and Air Link Communication (AIRLINK) jointly expressed their intention to acquire the majority stake and control of Shell Pakistan Limited.

Saudi Aramco’s interest comes as the kingdom looks at Pakistan for potential investment opportunities.

On Thursday, Business Recorder reported that the Energy Division along with Board of Investment (BoI) has been drafting terms and conditions to hire a financial advisor (FA) to carry out third-party assessment of the value of the federal government’s 25 percent shares in Reko Diq gold and copper mines for possible sale to Saudi Arabia’s Public Investment Fund (PIF).

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JK Oct 14, 2023 05:07pm
Selling off of Pakistan continues!
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Joe Oct 16, 2023 11:07am
@JK, And crooks are pocketing commissions and sharing it with their sponsors!
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