ISLAMABAD: Saudi Arabia’s Wafi Energy Pakistan company is considering a potential investment of $100 million over the next two to three years to expand its retail infrastructure, modernize operations and pursue digitization initiatives in Pakistan, the Finance Division said on Monday. 

Wafi Energy, an affiliate of the Saudi Asyad conglomerate, became the majority shareholder of one of the country’s oldest multinationals, Shell Pakistan Limited (SPL), in November 2024.

Pakistan Finance Minister Muhammad Aurangzeb met a delegation of Wafi Energy Pakistan at the Finance Division on Monday, reaffirming Islamabad’s commitment to macroeconomic stability, enhanced investor confidence and stronger foreign exchange buffers. 

“The Wafi Energy Pakistan delegation shared its confidence in Pakistan’s economic outlook and indicated that the company is considering potential investment of up to USD 100 million over the next two to three years,” the Finance Division said.

It added that the investment would be used to expand Wafi Energy Pakistan’s retail and storage infrastructure, modernize operations and pursue technology-driven improvements, including digitization initiatives. 

The delegation also stressed the importance of a stable, transparent and predictable policy framework to support long-term investment in the energy sector. It welcomed continued engagement with the Pakistani government. 

“The finance minister reaffirmed the government’s focus on reforms, privatization, digitization and public-private partnerships, while noting that ongoing strategic engagement with international partners will continue to strengthen economic cooperation and investor confidence,” the statement added. 

Aurangzeb also referred to Pakistan’s ongoing high-level strategic engagement with international partners, including Saudi Arabia, noting that such engagements provide valuable platforms to strengthen economic cooperation and investment ties. 

Wafi Energy has two retail stations in Pakistan’s Karachi and Rawalpindi cities. It takes particular interest in green initiatives, building a 730-foot plastic road outside its Karachi head office with 2.5 tons of waste lubricant bottles. 

Its retail site in Rawalpindi was built using 7,700 kilograms of plastic waste, equivalent to more than 5.8 million pieces of end-of-life plastics, infused into construction materials. 

Last week, Wafi Energy Pakistan announced it had signed an agreement with Hyundai’s official manufacturing partner in Pakistan to supply premium lubricants for the company’s vehicles.