Skip to main content

Shell Petroleum intends to sell its shareholding in Pakistan unit

 Shell Petroleum intends to sell its shareholding in Pakistan unit

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. — Reuters 

Shell Pakistan Limited (SPL) on Wednesday announced that its parent company, Shell Petroleum Company Limited, has notified its intent to sell its shareholding in the Pakistan unit.

Shell Pakistan, in a notice sent to the Pakistan Stock Exchange (PSX), said: “We hereby inform you that the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its Board, held on June 14, 2023, have been notified by The Shell Petroleum Company Limited (SPCo) of its intent to sell its shareholding in SPL."

The oil and gas company clarified that any sale will be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals.

SPL, however, said that the development would have no impact on its current business operations, which will continue.

“SPL remains committed to continuing to deliver safe and reliable operations for our customers and partners,” it added.

It should be noted that the SPL is a subsidiary of Shell Petroleum Company Limited, United Kingdom, which is a subsidiary of Royal Dutch Shell Plc, one of the world’s largest energy and petrochemical companies.

A spokesperson of SPL said that it has been in the country for 75 years and has a substantial retail footprint and a strong lubricants business.

"Any sale will be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals. Shell is seeing strong interest from international buyers," the statement read.

With 350+ employees, SPL markets petroleum products and compressed natural gas, and also blends and markets various kinds of lubricating oils.

Last month, Shell Pakistan Limited announced its financial performance for the first quarter of 2023, which was severely impacted by the ongoing economic crisis in the country.

The loss came on the back of an unprecedented devaluation of the rupee, rising inflation and macroeconomic uncertainty.

Shortly after the announcement, at around 2:08pm, the share price of Shell Pakistan was hovering around Rs89.17, up by Rs6.22 with a volume of over four million.

 

Comments

Post a Comment

Popular posts from this blog

Tickets for Pak v NZ T20Is available from Sunday

  The tickets for the three T20 Internationals between Pakistan and New Zealand in Lahore will go on sale on Sunday (2 April) at 11am. The two teams play on 14, 15 and 17 April at the Gaddafi Stadium.   The Pakistan Cricket Board has set affordable ticket prices, ranging from PKR250 to PKR3,000. The following are the enclosure categories and prices: VVIP Enclosure (Wasim Akram) – PKR3,500 VIP Enclosures (Fazal Mahmood and Imran Khan) – PKR2,000 Premium (Raja’s and Saeed Anwar) – PKR1,000 First class (Abdul Qadir, AH Kardar, Javed Miandad and Sarfaraz Nawaz) – PKR500 General (Hanif Mohammad, Imtiaz Ahmed, Inzamam-ul-Haq, Majid Khan, Nazar, Quaid, Saeed Ahmed and Zaheer Abbas) – PKR250 In the first phase, which commences tomorrow, the tickets will be available online at pcb.bookme.pk and fans can buy them using original ID cards. The fans will be required to bring their original ID or B-Forms (for those under the age of 18) to gain entry in the stadium. The phys...
Post a Comment
Read more
 What is Chat GPT? Understanding the Language Model Revolutionizing Conversational AI Introduction:  Chat GPT (Generative Pre-trained Transformer) is a powerful artificial intelligence language model that has been taking the tech world by storm. In this blog post, we'll explore what Chat GPT is, how it works, and its impact on the field of conversational AI. Section 1: What is Chat GPT?  Here, you can provide a brief overview of Chat GPT, highlighting its key features and benefits. You can mention that it is a language model based on the Transformer architecture and is designed to generate human-like responses to text-based prompts. Section 2: How does Chat GPT work?  In this section, you can dive deeper into how Chat GPT works. You can explain how it is pre-trained on a massive amount of text data from the internet, allowing it to understand the nuances of natural language. You can also talk about its ability to generate responses in real-time and its use of deep le...
Post a Comment
Read more