Shell’s Financial Success in Pakistan Attracts Investors
Shell shared this news with the Pakistan Stock Exchange (PSX). They said that WAFI Energy has a strong desire to get a big share in the company, and this could change how Shell works in Pakistan.
About WAFI Energy: WAFI Energy LLC started in 2012 with 3 million Saudi Riyal. They have the special license to run Shell’s gas stations in Saudi Arabia. This shows they are important in the energy industry.
WAFI Energy LLC from Saudi Arabia is interested in buying a big part of Shell Pakistan Limited (SHEL). They want to control about 77.42% of the company. WAFI Energy is a well-known player in the business of fuel stations, and they’re looking to enter the South Asian market through Shell Pakistan.
This move happened because Shell Petroleum Company Limited (SPCo) said they wanted to sell their part of the company in Pakistan. Since then, many potential buyers have shown interest. This shows how important Shell is in the region.
Also, Pakistan Refinery Limited (PRL) and Air Link Communication (AIRLINK) showed interest in getting a big part of Shell Pakistan. Saudi Aramco, a big oil company, is also thinking about making an offer for Shell Plc’s assets in Pakistan. This would be Saudi Arabia’s entry into the South Asian market.
About Shell Pakistan: Shell made a good profit of Rs. 6,450 million in the nine months ending on September 30, 2023, according to their recent financial results. This is a big increase from the profit of Rs. 2,864 million during the same time last year. It shows that the company is doing well financially.
With many companies trying to get a big share of Shell Pakistan Limited, the next few months are important for the energy industry in Pakistan. There could be changes in how the industry works, and it’s attracting attention from around the world.