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Saudi fuel retailer to buy Shell assets in Pakistan

The sale of Shell's Pakistan assets to Saudi Arabia's Wafi is expected to complete by the fourth quarter of 2024 Shell Pakistan
The sale of Shell's Pakistan assets to Saudi Arabia's Wafi is expected to complete by the fourth quarter of 2024

Shell Petroleum Company, the parent company of Shell Pakistan, has signed a deal with Wafi Energy, a fuel retailer in Saudi Arabia, to sell its operations in Pakistan.

Shell Petroleum said the sale is expected to complete by the fourth quarter of 2024, subject to regulatory approvals, Reuters reported.

In June, Shell Petroleum said it would exit Pakistan with the sale of its 77 percent shareholding.

Shell Pakistan suffered losses in 2022 due to exchange rates, devaluation of the Pakistani rupee and overdue receivables.

Wafi Energy is a wholly-owned affiliate of Asyad Holding Group, a fuel retailer in Saudi Arabia.

Shell Pakistan’s operations include 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26 percent shareholding in Pak-Arab Pipeline Company Limited.

Arif Habib Limited, a brokerage house in Pakistan, has been appointed as the manager to Wafi Energy’s offer and submitted the public announcement of intention to the Pakistan Stock Exchange, The News International reported.

Last month Bloomberg reported that Saudi Aramco, the world’s largest oil producer, was considering bidding for Shell assets in Pakistan.

Pakistan’s caretaker prime minister Anwaar-ul-Haq Kakar said in September that Saudi Arabia will invest up to $25 billion over two years primarily in the mining, agriculture and information technology sectors.

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