Shell Petroleum Company Limited, a subsidiary of Shell plc (Shell), has agreed to sell its 77.42% majority interest in Shell Pakistan Limited to Saudi Arabia-based Wafi Energy LLC, said an official statement issued by the company on Wednesday.
“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 statement added.
The sale is expected to be completed by the fourth quarter of 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, it said.
“SPL remains committed to delivering safe, reliable operations.”
WAFI Energy LLC, one of the leading fuel station companies in Saudi Arabia, is a fast-growing retail gas station network and the sole licensee of Shell Retail Network in Saudi Arabia.
The company was incorporated in 2012 with an authorised and paid-up capital of 3 million Saudi Riyal.
The development came after Shell Pakistan’s parent company, Shell Petroleum Company Limited, notified its intent to sell its shareholding in the Pakistani entity in June this year.
