Saudi Arabia’s Wafi Energy Holding has acquired a majority stake in Shell Pakistan, according to a statement from the company.
This acquisition comes after Shell Petroleum Co., a subsidiary of global Shell plc, completed the sale of its 77.42% interest in Shell Pakistan Limited (SPL).
Affiliated with the Asyad Group, Wafi currently holds approximately 87.78% of the total issued share capital of SPL.
In the light of this, Ghassan Amoudi, CEO of Asyad Holding Group and incoming chairperson of SPL, stated that Wafi Energy is excited to enter Pakistan by acquiring majority ownership of Shell Pakistan Limited.
“This marks a significant milestone in the Asyad Group’s commitment to expanding its presence in Pakistan and the region,” Amoudi added.
Crucially, Shell brand will remain in Pakistan through retail and brand licensing agreements. Meanwhile, SPL will be the exclusive brand licensee.
“As the exclusive Shell Licensee, we are delighted that the Shell brand remains in Pakistan. This continuation builds on a strong legacy, supported by a team of highly skilled professionals who ensure customers have access to Shell’s premium fuel and lubricant offerings, all delivered with the highest safety and security standards,” he elucidated.
Moreover, Waqar Siddiqui, the CEO and managing director of SPL, said the company would continue its journey to build a “sustainable energy future for Pakistan.”
Siddiqui further explained that the acquisition combines Wafi Energy’s commitment to growth and investment and Shell’s strong legacy of innovation and trust in the country.
“This new chapter offers Shell Pakistan Limited the opportunity to build upon this strong foundation, ensuring the continued delivery of quality products to their valued customers,” Siddiqui added.
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