Saudi firm Wafi Energy becomes majority shareholder in Shell Pakistan

KARACHI: Wafi Energy Holding Limited (Wafi Energy) has become the majority shareholder of Shell Pakistan Limited (SPL) after The Shell Petroleum Company Limited, a subsidiary of Shell plc (Shell), completed the sale of its 77.42 per cent interest in SPL.

Wafi Energy, an established Saudi company and affiliate of the Asyad Group, now holds approximately 87.78 per cent of the total issued share capital of SPL, according to a statement released on Thursday.

The Shell brand will continue in Pakistan through retail and brand licencing agreements, with SPL acting as the exclusive brand licensee.

“Wafi Energy is excited to announce its entry into 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,” said Ghassan Amoudi, CEO of Asyad Holding Group and the incoming chairperson of SPL.

“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 added.

Waqar Siddiqui, chief executive and managing director of Shell Pakistan Limited, said, “Shell Pakistan Limited will continue building a sustainable energy future for Pakistan, combining Wafi Energy’s commitment to growth and investment with Shell’s legacy of innovation and trust in the country.”