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Shell sells Pakistan unit to Saudi Arabia’s Wafi Energy

02:54 PM | 1 Nov, 2023
Shell sells Pakistan unit to Saudi Arabia’s Wafi Energy
Source: File Photo

KARACHI – Shell Petroleum Company Limited has signed an agreement to sell its 77.42% majority shares in Shell Pakistan Limited (SPL) to Wafi Energy LLC, a Saudi firm.

The sale is part of Shell’s strategy to high-grade its mobility network and was first announced on Capital Markets Day in June 2023, it said in a statement.

“The sale is expected to complete by Q4 2024, subject to regulatory approvals. Upon completion, the Shell brand will remain in Pakistan through brand licensing agreements and customers will continue to have access to Shell’s premium fuel and lubricant portfolio,” read the official statement.

“Shell Petroleum Company Limited (SPCo) has entered into a share purchase agreement dated 31 October, 2023 with Wafi Enregy LLC (Wafi Energy), for the sale of SPCo’s entire shareholding in SPL, comprising 165,700,304 shares and representing 77.42 percent of the issued share capital of SPL,” SPCo. said in a letter dated Oct. 31.

SPL is listed on the Pakistan Stock Exchange (PSX:SHEL), and its total business footprint in Pakistan includes more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26% shareholding in Pak-Arab Pipeline Company Limited.

Wafi Energy LLC, a wholly-owned affiliate of Asyad Holding Group, is a leading fuel retailer in the Kingdom of Saudi Arabia and last year signed a license agreement to operate mobility sites under the Shell brand in the kingdom.

The Saudi firm has roped in Arif Habib Limited in Pakistan to manage its acquisition offer.

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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