Competition commission approves Saudi group Asyad’s acquisition of Shell Pakistan 

Petrol station workers wearing facemasks wait for customers next to petrol pumps in Islamabad, Pakistan, on April 22, 2020. (AFP/File)
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Updated 07 July 2024
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Competition commission approves Saudi group Asyad’s acquisition of Shell Pakistan 

  • Shell’s parent company announced exit from Pakistan last year after selling 77.42 percent of shares to Asyad’s affiliate Wafi Energy
  • Competition Commission of Pakistan chairman says acquisition to elevate service standards in country’s retail fuel supply chain 

ISLAMABAD: The Competition Commission of Pakistan (CCP) on Saturday approved Saudi Group Asyad Holding’s acquisition of Shell Pakistan through UAE-based Wafi Energy Holding Limited, saying the move would boost the country’s retail oil sector. 

Shell Petroleum Company announced its exit from Pakistan in June 2023 with the sale of 77.42 percent shareholding in the local business to Wafi Energy. 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. 

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.

“The Competition Commission of Pakistan (CCP) has approved the acquisition under Section 11 of the Competition Act, 2010, thus solidifying the said transaction to boost the retail oil sector in Pakistan,” the CCP said in a press release. 

The CCP said Shell Pakistan maintains a “substantial business footprint” in the retail supply of motor fuels and lubricants across Pakistan. It also noted that Wafi Energy specializes in managing and operating fuel stations in Saudi Arabia.

The commission said its first assessment phase identified retail fuel, vehicle lubricants and industrial lubricants as the relevant product markets. 

“It was also revealed that Shell Pakistan has distinct shares in all three relevant markets but that will remain unchanged post-transaction,” the CCP said. 

“The analysis further confirmed that Wafi Energy Holding Limited will not gain a dominant position in the relevant markets even after attaining the direct control of Shell Pakistan.”

 While signing the order, CCP Chairman Dr. Kabir Ahmed Sidhu said the move is expected to boost competition by elevating service standards in the retail fuel supply chain and contribute immensely to flourishing Pakistani markets.
 


Pakistan court directs authorities to form medical board to assess Imran Khan’s eye condition

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Pakistan court directs authorities to form medical board to assess Imran Khan’s eye condition

  • Islamabad High Court rejects jailed ex-PM’s request for immediate transfer to private hospital
  • Medical board comprising doctors from PIMS and Shifa to submit report on possible transfer

ISLAMABAD: A Pakistani high court on Thursday directed authorities to form a medical board of government doctors to assess whether jailed former prime minister Imran Khan needs to be transferred to a hospital, his party said, following a rejection of his request to be moved to a private facility for treatment.

The development comes after the Pakistan Institute of Medical Sciences (PIMS) said last week that Khan’s vision had “improved remarkably” since he was given an Anti-VEGF injection amid concerns related to his eyesight.

Anti-VEGF injections are commonly used to treat retinal vein occlusion and other retinal vascular disorders by reducing swelling and abnormal blood vessel growth inside the eye. Prior to the development, the ex-premier had complained of rapid deterioration in vision in one of his eyes.

“The Islamabad High Court has rejected Imran Khan’s request for immediate transfer to Shifa International Hospital,” the Pakistan Tehreek-e-Insaf (PTI) party said in a post on X.

“The court directed that the Chief Commissioner immediately constitute a medical board comprising doctors from PIMS and Shifa Hospital,” it continued. “The medical board will submit a report, on the basis of which the Chief Commissioner will decide whether a hospital transfer is to take place or not.”

The PTI said the court’s decision had raised questions over the judiciary’s independence.

“Delaying a medical emergency and handing it over to administrative discretion is a violation of human rights,” it said. “The issue of Imran Khan’s health is not just about one individual but reflects the entire judicial and state system.”

The 74-year-old cricketer-turned politician has been in prison since August 2023 in cases that he and his party say are politically motivated.

Khan was taken to PIMS for a medical procedure earlier this year, as his party questioned the transparency of the medical update and demanded independent access to his care.

Khan was removed from office in April 2022 through a parliamentary vote of no confidence that he says was orchestrated at the behest of the former administration in Washington by his political rivals with backing from the military. His allegation has been denied by all parties involved.

Since his imprisonment, Khan has faced multiple convictions and ongoing legal proceedings that authorities say follow due process, while his party describes them as efforts to sideline him from politics.