Saudi Arabia’s Wafi Energy Holding buys majority stakes in Shell Pakistan

Dubai: Saudi Arabia’s Wafi Energy Holding acquires a majority stake in Shell Pakistan following Shell Petroleum Co., a subsidiary of global Shell plc, completing the sale of its 77.42 per cent interest in Shell Pakistan Limited (SPL).

Wafi Energy is affiliated with the Asyad Group, now owns approximately 87.78 per cent of SPL’s total issued share capital, as reported by Saudi news outler Arab news.

The Shell brand will continue to operate in Pakistan through retail and brand licensing agreements, with SPL serving as the exclusive brand licensee.

SPL is one of the oldest multinational corporations in Pakistan, boasting a network of over 600 sites, extensive storage facilities, and a wide range of global lubricant brands.

Shell has played a role in supporting Pakistan’s development goals, from the distribution of energy across various transport modes to supplying petroleum products for major projects like the Mangla Dam and Kotri Barrage. The company has also contributed to expanding the nation’s road infrastructure, powering the inaugural flights of Pakistan International Airlines, and fostering the next generation of innovative entrepreneurs in the country.