Pakistan Refinery Limited, Air Link Communication join hands to acquire over 77% Shell Pakistan stake

Petrol station workers wearing facemasks wait for customers next to petrol pumps in Islamabad, Pakistan, on April 22, 2020. (AFP)
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Updated 17 July 2023
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Pakistan Refinery Limited, Air Link Communication join hands to acquire over 77% Shell Pakistan stake

  • Shell Petroleum Company announced its decision to exit Pakistan last month 
  • Company will sell 165.7 million shares worth about Rs19 billion ($69.4 million) 

KARACHI: The state-owned Pakistan Refinery Limited (PRL) and private firm Air Link Communication announced on Monday that they have joined hands to acquire the stakes of renowned oil and gas company, Shell Pakistan, after its parent company disclosed its decision to exit Pakistan earlier. 

Shell Pakistan Limited (SPL) announced in June that its parent company, Shell Petroleum Company (SPCo), would be exiting Pakistan with the sale of its 77.42 percent shareholding in the local business. The move came after SPL suffered losses in 2022 due to exchange rates, massive devaluation of the Pakistani rupee, and overdue receivables, and as the country faces a daunting financial crisis and economic slowdown. The company continues to bear the burden of overdue legacy receivables of PKR 5,331 million from the Pakistani government, according to its financial statements for the quarter ended on March 31, 2023. 

To support its intention to improve and simplify its portfolio, Shell Petroleum Company had initiated a sales process to sell its shareholding in Shell Pakistan Ltd, including all of SPL’s downstream businesses and SPL’s 26 percent ownership of the Pak-Arab Pipeline Company Ltd. (PAPCO). On Monday, Air Link and PRL disclosed their intention to acquire Shell Pakistan’s shares through the equities brokerage and investment banking firm, Next Capital Limited, via a notice to the Pakistan Stock Exchange. 

“We, Next Capital Limited, hereby submit a Public Announcement of Intention by Pakistan Refinery Limited and Air Link Communication Limited (collectively referred to as the “Acquirers”) to acquire 77.42 percent shares and control of Shell Pakistan Limited (’Target’),” Next Capital Limited, the offer’s manager, said on behalf of both companies. 

PRL, a subsidiary of the state-owned Pakistan State Oil (PSO), is one of five refineries operating in Pakistan. PSO owns 63.56 percent shareholding of PRL while the Pakistani government directly holds 22.47 percent shareholding of PSO, according to stock filing records. Meanwhile, Air Link Communication primarily focuses on distributing and manufacturing smartphones and their retail management. 

Shell will sell its 165.7 million shares worth an estimated Rs19 billion ($69.4 million) at a closing share price value of Rs115.25, according to calculations based on stock filings and the Pakistan Stock Exchange’s website. Shell Pakistan’s stock price increased by Rs4.75 or 4.3 percent on Monday in response to the acquisition development. 

Next Capital Limited’s chief executive officer declined to comment on the offer. 
 


Pakistan remembers Benazir Bhutto, first woman PM in Muslim world, on death anniversary

Updated 27 December 2025
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Pakistan remembers Benazir Bhutto, first woman PM in Muslim world, on death anniversary

  • Bhutto was daughter of ex-PM Zulfikar Ali Bhutto who was hanged during reign of former military ruler Gen. Zia-ul-Haq
  • Year before assassination in 2007, Bhutto signed landmark deal with rival Nawaz Sharif to prevent army interventions

ISLAMABAD: Prime Minister Shehbaz Sharif and other Pakistani leaders on Saturday paid tribute to Benazir Bhutto, the first woman prime minister in the Muslim world who was assassinated 18 years ago in a gun and bomb attack after a rally in the city of Rawalpindi.

Born on Jun. 21, 1953, Bhutto was elected premier for the first time in 1988 at the age of 35. She was deposed in 1990, re-elected in 1993, and ousted again in 1996, amid allegations of corruption and mismanagement which she denied as being politically motivated.

Bhutto only entered politics after her father was hanged in 1979 during military ruler Gen. Zia-ul-Haq’s reign. Throughout her political career, she had a complex and often adversarial relationship with the now ruling Sharif family, but despite the differences signed a ‘Charter of Democracy’ in 2006 with three-time former PM Nawaz Sharif, pledging to strengthen democratic institutions and prevent military interventions in Pakistan in the future.

She was assassinated a year and a half later.

“Mohtarma Benazir Bhutto took exemplary steps to strengthen the role of women, protect the rights of minorities, and make Pakistan a peaceful, progressive, and democratic state,” PM Shehbaz Sharif, younger brother of ex-PM Nawaz Sharif, said in a statement on Saturday.

“Her sacrifices and services are a beacon of light for the nation.”

President Asif Ali Zardari, Bhutto’s widower, said Bhutto believed in an inclusive Pakistan, rejected sectarianism, bigotry and intolerance, and consistently spoke for the protection of minorities.

“Her vision was of a federation where citizens of all faiths could live with dignity and equal rights,” he said. “For the youth of Pakistan, her life offers a clear lesson: speak up for justice, organize peacefully and do not surrender hope in the face of adversity.”

Powerful families like the Bhuttos and the Sharifs of Pakistan to the Gandhis of India and the Bandaranaike family of Sri Lanka have long dominated politics in this diverse region since independence from British colonial rule. But none have escaped tragedy at the hands of rebels, militants or ambitious military leaders.

It was Zulfikar Ali Bhutto, Bhutto’s father, who founded the troubled Bhutto dynasty, becoming the country’s first popularly elected prime minister before being toppled by the army in 1977 and later hanged. Both his sons died in mysterious circumstances.

Before her assassination on Dec. 27, 2007, Bhutto survived another suicide attack on her motorcade that killed nearly 150 people as she returned to Pakistan after eight years in exile in October 2007.

Bhutto’s Oxford-educated son, Bilawal Bhutto-Zardari, now leads her Pakistan Peoples Party, founded by her father, and was foreign minister in the last administration of PM Shehbaz Sharif.

Aseefa Bhutto Zardari, Bhutto’s daughter who is currently the first lady of Pakistan, said her mother lived with courage and led with compassion in life.

“Her strength lives on in every voice that refuses injustice,” she said on X.

Pakistan has been ruled by military regimes for almost half its history since independence from Britain in 1947. Both former premiers Imran Khan and the elder Sharif, Nawaz, have alleged that they were ousted by the military after they fell out with the generals. The army says it does not interfere in politics.