Saudi company expresses interest in acquiring 77.42% stakes in Shell Pakistan

A Shell logo is pictured on a sign outside a Royal Dutch Shell petrol station in Gateshead, north east England on January 31, 2023. (AFP/File)
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Updated 31 October 2023
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Saudi company expresses interest in acquiring 77.42% stakes in Shell Pakistan

  • WAFI Energy is a rapidly growing retail gas station network and sole licensee of Shell Retail Network in Saudi Arabia
  • Based in Riyadh, the company was incorporated in September 2012 with a paid-up capital of 3 million Saudi Riyal

ISLAMABAD: A Saudi company has expressed interest in acquiring majority ownership of 77.42 percent in Shell Pakistan Limited (SPL), a leading oil and gas entity in the country, announced a stock filing at the Pakistan Stock Exchange (PSX) on Tuesday.

The SPL revealed plans for its parent organization, Shell Petroleum Company (SPC), to exit the Pakistani market in June of this year. This move was said to be part of SPC’s global strategy to rationalize its portfolio.

The divestment plan included the sale of SPC’s 77.4 percent stake in the local business, encompassing all of SPL’s downstream operations as well as its 26 percent ownership in Pak-Arab Pipeline Company Limited.

“It is hereby informed that M/s Shell Pakistan Limited (Target Company) has received firm intention from WAFI Energy LLC (Acquirer) to acquire control of 165,700,304 (up to 77.42 percent) voting shares of the target company,” said SPL’s stock filing.

It requested the relevant authorities to make the information immediately available to the shareholders to fulfil a necessary legal requirement.

According to documents submitted at PSX, WAFI Energy LLC is a “fast growing retail gas station network and sole licensee of Shell Retail Network (Gas Stations) in the Kingdom of Saudi Arabia.”

Based in Riyadh, the company was incorporated in September 2012 with a paid-up capital of 3 million Saudi Riyal.

WAFI Energy has engaged Arif Habib Limited in Pakistan to manage its acquisition offer.


Pakistan engages Saudi Arabia, China in bid to ease surging Middle East tensions 

Updated 10 March 2026
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Pakistan engages Saudi Arabia, China in bid to ease surging Middle East tensions 

  • Pakistan’s foreign minister stresses need for de-escalation in conversations with Chinese, Saudi counterparts
  • Tensions in the Middle East continue to remain high as conflict between US, Israel and Iran intensifies

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar spoke to the foreign ministers of Saudi Arabia and China on Tuesday, stressing the importance of diplomatic engagement to de-escalate tensions in the Middle East as the Iran war intensifies. 

Pakistan has constantly engaged regional countries in efforts to broker a ceasefire in the Middle East, after the US and Isreal launched coordinated strikes against Iran on Feb. 28. 

Iran launched fresh attacks on Gulf countries on Tuesday morning, where it has targeted US military bases in recent weeks. In addition to firing missiles and drones at Israel and American bases in the region, Iran has also been targeting energy infrastructure which, combined with its stranglehold on the Strait of Hormuz, has sent oil prices soaring worldwide. 

Dar spoke to Saudi Foreign Minister Prince Faisal bin Farhan to discuss developments in the Middle East and ongoing deliberations at the UN Security Council, Pakistan’s foreign office said in a statement. 

“DPM/FM shared Pakistan’s perspective, underscoring the importance of continued coordination and diplomatic engagement to support de-escalation and promote peace and stability across the region and beyond,” the statement said. 

Dar, who also serves as Pakistan’s foreign minister, spoke to Chinese foreign minister Wang Yi over the telephone separately. The two discussed the evolving regional situation and broader global developments.

Dar underscored the need to ease tensions in the Middle East and the wider region during the conversation, the foreign office said. 

Yi appreciated Pakistan’s constructive efforts aimed at promoting de-escalation and stability in the region, it added. 

“The two leaders stressed the importance of de-escalation and emphasized the need to pursue dialogue and diplomacy in accordance with the principles of the UN Charter,” the foreign office’s statement said. 

The conflict in the Middle East has hit Pakistan hard as well, forcing Islamabad to hike petrol and diesel prices by Rs55 per liter last Friday. 

Pakistan’s government has also announced a set of austerity measures, which include closing schools and cutting down on government expenditures, as it evaluates petrol stocks and looks for alternative supply routes.