Business
Shell Pakistan sells its 77.42pc shares to Saudi-based Wafi Energy
The sale is expected to be completed by the fourth quarter of 2024, subject to regulatory approvals.
Islamabad: Shell Pakistan Limited has agreed to the sale of 77.42 percent of its shares to Wafi Energy (LLC).
Both businesses signed an agreement on Wednesday in this regard.
According to a Shell spokesperson, license agreements will let the business to continue operating in Pakistan.
He further said that consumers would continue to have access to Shell’s Premium Fuel and Lubricant Portfolio.
The sale is expected to be completed by the fourth quarter of 2024, subject to regulatory approvals.
“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 official continued by saying that the business was dedicated to provide its clients dependable services. "After receiving approval from additional regulators, the agreement reached between the two firms for the sale of shares will become applicable," he concluded.