Wafi Energy Holding Takes Majority Ownership of Shell Pakistan
Journalistic flair ISLAMABAD: In a bold move, Wafi Energy Holding has seized control as the majority shareholder of Shell Pakistan. The power play came after Shell Petroleum Co., a subsidiary of the global Shell plc, finalized the sale of its 77.42 percent stake in SPL. A statement released on Thursday confirmed the takeover.
Wafi Energy’s Dominance
The Saudi-based Wafi Energy, linked to the Asyad Group, now commands a whopping 87.78 percent of SPL’s total issued share capital. Despite the change in ownership, the iconic Shell brand will endure in Pakistan through retail and brand licensing agreements. SPL retains the exclusive right to carry the Shell brand.
Excitement and Commitment
“Wafi Energy is thrilled to announce its arrival in Pakistan by securing majority ownership of Shell Pakistan Limited. This move signifies a major milestone in Asyad Group’s dedication to bolstering its presence in Pakistan and the surrounding region,” said Ghassan Amoudi, CEO of Asyad Holding Group and the incoming chairperson of SPL.
Continuing the Legacy
“As the official Shell Licensee, we are overjoyed that the Shell brand will stay put in Pakistan. This continuity builds upon a rich legacy, backed by a talented team of professionals who ensure customers access Shell’s top-tier fuel and lubricant offerings with the utmost safety and security standards,” Amoudi added.
Building a Sustainable Future
Waqar Siddiqui, the CEO and managing director of Shell Pakistan Limited, vowed to forge ahead in creating a “sustainable energy future for Pakistan.” By combining Wafi Energy’s growth-oriented investment approach with Shell’s reputation for innovation and trust in the country, Siddiqui aims to propel the company forward.
Staying Strong and Reliable
“This new chapter gives Shell Pakistan Limited the chance to build upon its sturdy foundation, ensuring the consistent delivery of high-quality products to its esteemed customers,” Siddiqui emphasized.
Legacy of Support
SPL stands as one of the oldest multinational corporations in Pakistan, boasting a vast network of over 600 sites, nationwide storage facilities, and a diverse portfolio of global lubricant brands.
Shell has been a stalwart supporter of Pakistan’s developmental initiatives, from facilitating energy distribution across land, air, and sea to supplying petroleum products for monumental projects like the Mangla Dam and Kotri Barrage. The company has played a pivotal role in expanding the country’s road infrastructure, fueling the inaugural flights of Pakistan International Airlines, and nurturing the next wave of innovative entrepreneurs in Pakistan.