Karachi: Wafi Energy Holding Limited has become the majority shareholder of Shell Pakistan Limited (SPL) after acquiring a 77.42% interest from The Shell Petroleum Company Limited, a subsidiary of Shell plc. This significant transaction raises Wafi Energy’s ownership to approximately 87.78% of SPL’s total issued share capital.

According to Shell Pakistan Limited, the acquisition marks a pivotal expansion for Wafi Energy, an established Saudi company affiliated with Asyad Group, into the Pakistani market. Despite the change in majority ownership, the Shell brand will continue to operate in Pakistan under retail and brand licensing agreements, with SPL serving as the exclusive brand licensee.

Ghassan Amoudi, CEO of Asyad Holding Group and the incoming Chairperson of SPL, expressed enthusiasm about the acquisition, noting that it represents a major milestone in Asyad Group’s strategy to broaden its regional footprint. “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,” said Amoudi.

Waqar Siddiqui, the Chief Executive and Managing Director of SPL, emphasized the company’s ongoing commitment to fostering a sustainable energy future for Pakistan. The merger combines Wafi Energy’s drive for growth and investment with Shell’s longstanding legacy of innovation and trust within the country.

In line with the new corporate structure, the SPL Board of Directors now includes Ghassan Al Amoudy as Chairperson, alongside Javaid Akhtar, CFO of Asyad Holding Group, and Kai-uwe Witterstein, MD of VCraft Consulting.

Shell Pakistan Limited remains a pivotal entity in Pakistan’s energy sector, particularly noted for its strong position in the lubricants market. This new chapter is set to enhance SPL’s ability to deliver quality energy solutions to its customers across Pakistan.

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