Shell Pakistan Limited (SPL) has made an announcement regarding the intention of its parent company, Shell Petroleum Company Limited, to sell its stake in the Pakistani unit. In a notice sent to the Pakistan Stock Exchange (PSX), Shell Pakistan stated that the Board of Directors had been informed by Shell Petroleum Company Limited about its plan to divest its shareholding in SPL. The sale, if executed, would be subject to a targeted sales process, the completion of necessary documentation, and the receipt of regulatory approvals.
It is important to note that this potential transaction will not have any impact on the current business operations of SPL, which will continue as usual. The company remains dedicated to providing safe and reliable operations for its customers and partners. SPL is a subsidiary of Shell Petroleum Company Limited, UK, which in turn is a subsidiary of Royal Dutch Shell Plc, a global leader in the energy and petrochemical industry.
A spokesperson for SPL emphasized that the company has a significant presence in Pakistan, with 75 years of experience and an extensive retail network and lubricants business. The statement reiterated that the sale process would be conducted with targeted measures, involving binding documentation and adherence to regulatory requirements. Shell has received considerable interest from international buyers, reflecting the attractiveness of the assets.
SPL employs over 350 individuals and is engaged in the marketing of petroleum products, compressed natural gas, and various lubricating oils. Despite the challenging economic conditions in the country, the company remains committed to its operations and delivering value to its stakeholders.
Published in PakWeb, June 14th, 2023.
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