Shell sells its Pakistan business to Wafi Energy
Published on: Nov 3, 2023
Shell Petroleum Company is exiting Pakistan with the sale of its 77% shareholding. Shell brand to remain through licensee agreement.
Saudi fuel retailer Wafi Energy is acquiring a majority stake in Shell Pakistan. The Shell business, which had been operating in Pakistan for 75 years, includes 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26% shareholding in Pak-Arab Pipeline Company Limited.
Wafi Energy, who signed a license agreement to operate under the Shell brand in Saudi Arabia last year, will be venturing into Pakistan through this strategic acquisition.
“This is a momentous day for us at Wafi Energy and one that adds to a substantial expansion of our energy business as Shell licensee, maintaining our a highly competitive spirit and increasing our global presence,” said the company in a statement.
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 brand agreement with Wafi covers the broad mobility offer of Shell in Pakistan today, which includes quality Shell fuels, convenience retail and EV charging, and also provides opportunities to further collaborate under the Shell brand through the energy transition journey in Pakistan,” said Istvan Kapitany, Global Executive Vice President, Shell, on LinkedIn.
Wafi Energy plans expand the business in Pakistan and “strongly support” the growth of the Shell brand.
