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.


Pakistan defense minister discusses regional, global developments with counterparts in Munich

Updated 14 February 2026
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Pakistan defense minister discusses regional, global developments with counterparts in Munich

  • The high-powered meeting of government leaders, diplomats comes shortly before Russia’s war on Ukraine enters its fifth gruelling year
  • Bruised by President Donald Trump’s comments, European leaders at summit have pledged to shoulder more of the burden of shared defenses

ISLAMABAD: Pakistan’s Defense Minister Khawaja Asif on Friday met his Italian and Albanian counterparts to discuss bilateral cooperation and regional and global developments on the sidelines of the Munich Security Conference, the Pakistani embassy in Germany said.

The high-powered Munich meeting of government leaders, diplomats, defense and intelligence chiefs comes shortly before Russia’s full-scale war on Ukraine is set to enter its fifth gruelling year.

Bruised by President Donald Trump’s designs on Greenland and his often hostile comments about America’s traditional bedrock allies, European leaders at the conference have pledged to shoulder more of the burden of shared defenses.

Asif met his Italian counterpart Guido Crosetto during the conference, running from Feb. 13 till Feb. 15, with both sides agreeing to enhance bilateral ties, according to the Pakistani embassy.

“Asif met the Defense Minister of Republic of Albania, Mr. Pirro Vengu, on the sidelines of the 62nd Munich Security Conference,” the Pakistani embassy said on X.

“Discussed matters related to enhancing bilateral cooperation in the wake of recent regional and international developments.”

The development came as US Secretary of State Marco Rubio was set to address European leaders on Saturday as they try to step up their autonomy in defense while salvaging transatlantic ties badly strained under President Trump.

German Chancellor Friedrich Merz acknowledged a “rift” had opened up between Europe and the United States, fueled by culture wars, but issued an appeal to Washington: “Let’s repair and revive transatlantic trust together.”

“In the era of great power rivalry, even the United States will not be powerful enough to go it alone,” said the conservative leader, who has ramped up defense spending in the top EU economy.

Macron said a new framework was needed to deal with “an aggressive Russia” once the fighting in Ukraine ends.

Ukrainian President Volodymyr Zelensky, who has been in Munich since Friday and meeting multiple allies, was expected to address the meeting on Saturday. No Russian officials have been invited.

Kremlin critic Mikhail Khodorkovsky said he feared “a new cold war” between Europe and Russia in the coming decade, making reopening dialogue with Moscow essential.

“If it makes sense to talk, we are willing to talk,” said Merz, but he also charged that “Russia is not yet willing to talk seriously.”