Shell enters agreement to sell Pakistani unit to Saudi’s Wafi Energy

A Shell petrol station is pictured in London, on February 2, 2011. (AFP/File)
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Updated 01 November 2023
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Shell enters agreement to sell Pakistani unit to Saudi’s Wafi Energy

  • Wafi Energy is a wholly-owned affiliate of Asyad Holding Group, a fuel retailer in Saudi Arabia
  • Shell Petroleum Company announced exit from Pakistan in June with sale of 77 percent shares

KARACHI: Shell Pakistan (SPL) said on Wednesday its parent company, Shell Petroleum Company, had signed a deal with Saudi Arabia’s Wafi Energy to sell domestic operations.

Shell Petroleum Company announced its exit from Pakistan in June with the sale of 77 percent shareholding in the local business. The move came after Shell made several announcements about its global operations and after Shell Pakistan suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables, and as the country faces a financial crisis and economic slowdown.

The offloading of shares also includes all of SPL’s downstream businesses and SPL’s 26 percent ownership of Pak-Arab Pipeline Company Ltd. (PAPCO). Shell Pakistan is a listed company with market capitalization of over Rs34.35 billion ($124.5 million).

“Shell Petroleum Company Limited (SPCo) has entered into a share purchase agreement dated 31 October, 2023 with Wafi Enregy LLC (Wafi Energy), for the sale of SPCo’s entire shareholding in SPL, comprising 165,700,304 shares and representing 77.42 percent of the issued share capital of SPL,” SPCo. said in a letter dated Oct. 31.

Wafi Energy is a wholly-owned affiliate of Asyad Holding Group, a fuel retailer in Saudi Arabia.

Shell Pakistan’s operations include more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26 percent shareholding in Pak-Arab Pipeline Company Limited.

According to documents submitted at PSX, WAFI 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 paid-up capital of 3 million Saudi Riyal.

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


Back from Iran, Pakistani students say they heard gunshots while confined to campus

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Back from Iran, Pakistani students say they heard gunshots while confined to campus

  • Students say they were confined to dormitories and unable to leave campuses amid unrest
  • Pakistani students stayed in touch with families through the embassy amid Internet blackout

ISLAMABAD: Pakistani students returning from Iran on Thursday said they heard gunshots and stories of rioting and violence while being confined to campus and not allowed out of their dormitories in the evening.

Iran’s leadership is trying to quell the worst domestic unrest since its 1979 revolution, with a rights group putting the death toll over 2,600.

As the protests swell, Tehran is seeking to deter US President Donald Trump’s repeated threats to intervene on behalf of anti-government protesters.

“During ‌nighttime, we would ‌sit inside and we would hear gunshots,” Shahanshah ‌Abbas, ⁠a fourth-year ‌student at Isfahan University of Medical Sciences, said at the Islamabad airport.

“The situation down there is that riots have been happening everywhere. People are dying. Force is being used.”

Abbas said students at the university were not allowed to leave campus and told to stay in their dormitories after 4 p.m.

“There was nothing happening on campus,” Abbas said, but in his interactions with Iranians, he ⁠heard stories of violence and chaos.

“The surrounding areas, like banks, mosques, they were damaged, set on fire ... ‌so things were really bad.”

Trump has repeatedly ‍threatened to intervene in support of protesters ‍in Iran but adopted a wait-and-see posture on Thursday after protests appeared ‍to have abated. Information flows have been hampered by an Internet blackout for a week.

“We were not allowed to go out of the university,” said Arslan Haider, a student in his final year. “The riots would mostly start later in the day.”

Haider said he was unable to contact his family due to the blackout but “now that they opened international calls, the students are ⁠getting back because their parents were concerned.”

A Pakistani diplomat in Tehran said the embassy was getting calls from many of the 3,500 students in Iran to send messages to their families back home.

“Since they don’t have Internet connections to make WhatsApp and other social network calls, what they do is they contact the embassy from local phone numbers and tell us to inform their families.”

Rimsha Akbar, who was in the middle of her final year exams at Isfahan, said international students were kept safe.

“Iranians would tell us if we are talking on Snapchat or if we were riding in a cab ... ‌that shelling had happened, tear gas had happened, and that a lot of people were killed.”