Shell Plans To Offload Pakistan Business To Saudi Firm: Report
Portfolio Pulse from Shivani Kumaresan
Shell Plc (NYSE:SHEL) is reportedly planning to sell its Pakistan unit to Saudi firm Wafi Energy, a part of Asyad Holding Group. The decision aligns with Shell's June announcement to exit its 77% stake in Pakistan. The transaction is expected to be completed by Q4 2024. Shell Pakistan's operations include over 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant, and a 26% stake in Pak-Arab Pipeline Company Limited.
November 01, 2023 | 4:24 pm
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Shell's decision to sell its Pakistan unit to Wafi Energy aligns with its strategy to exit its 77% stake in Pakistan. The transaction is expected to be completed by Q4 2024.
Shell's decision to sell its Pakistan unit is part of its broader strategy to exit the country. This could potentially streamline its operations and focus on more profitable markets. However, the impact on the stock price is uncertain as the transaction is expected to be completed in the long term (Q4 2024).
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100