Prominent Global energy company, Shell Petroleum Pakistan on Wednesday announced its strategic move to withdraw its shares from the Pakistani market result in halting operations in Pakistan.
Board of Directors of Shell Pakistan Limited (SPL) held a meeting with its parent firm Shell Petroleum Company Limited (SPCo) where it was announced their intent to sell its shareholding in SPL.
Shell Petroleum Company (SPCo), the immediate parent company, owns 77 per cent of the local operations, which suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables.
“Any sale will be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals. Shell is seeing strong interest from international buyers,” Shell Pakistan spokesperson said in a statement.
The spokesperson stated that the announcement of the sale of shares by the global petroleum giant company will not have any adverse effects on the business operations of the company.
Shell Pakistan Limited (SPL) is a subsidiary of Shell Petroleum Company Limited, United Kingdom, which is a subsidiary of Royal Dutch Shell Plc.
SPL, however, said that the development would have no impact on its current business operations, which will continue.