ISLAMABAD: Wafi Energy Holding has emerged as the majority shareholder of Shell Pakistan after Shell Petroleum Co., a subsidiary of global Shell plc, finalized the sale of its 77.42 percent stake in SPL, according to a statement released by the group on Thursday.

Wafi Energy, a prominent Saudi company and a subsidiary of the Asyad Group, now holds approximately 87.78 percent of the total issued share capital of SPL. The Shell brand will continue to operate in Pakistan through retail and brand licensing agreements, with SPL serving as the exclusive brand licensee.

“Wafi Energy is thrilled to announce its foray into Pakistan by acquiring a majority stake in Shell Pakistan Limited. This achievement underscores the Asyad Group’s dedication to expanding its footprint in Pakistan and the broader region,” stated Ghassan Amoudi, CEO of Asyad Holding Group and the incoming chairperson of SPL.

“As the exclusive Shell Licensee, we are pleased that the Shell brand will remain in Pakistan. This continuity honors a robust legacy, backed by a team of highly skilled professionals who ensure customers have access to Shell’s premium fuel and lubricant offerings, all delivered with the utmost safety and security standards.”

Waqar Siddiqui, the CEO and managing director of Shell Pakistan Limited, emphasized that the company would continue to work towards a “sustainable energy future for Pakistan,” leveraging Wafi Energy’s commitment to growth and investment alongside Shell’s enduring legacy of innovation and trust in the country.

“This new era presents Shell Pakistan Limited with the chance to build on this solid foundation, ensuring the ongoing delivery of quality products to our valued customers,” Siddiqui added.

SPL stands as one of Pakistan’s oldest multinational corporations, boasting a network of over 600 sites, nationwide storage facilities, and a diverse portfolio of global lubricant brands.

Shell has long been committed to supporting Pakistan’s developmental goals, from energy distribution by land, air, and sea, to supplying petroleum products for monumental projects like the Mangla Dam and Kotri Barrage, enhancing the country’s expanding road infrastructure, powering the inaugural flights of Pakistan International Airlines, and fostering the next generation of innovative entrepreneurs in Pakistan.

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