Shell Petroleum Company Pakistan decided to sell 77% stake.
According to the reports, Shell Petroleum Company has taken this decision due to the continuous loss due to the rise in dollar prices, fall in the rupee, exchange rate dues.
The Board of Directors meeting has approved the sale of shares of Shell Pakistan to close the business. The sale will not affect Shell’s ongoing operations in Pakistan, but the buyer of Shell Pakistan’s shares will later take over the management of the company.
According to a Shell Pakistan spokesperson, keen interest has been seen from international buyers, Shell Pakistan Limited is committed to providing safe and reliable operations.
It should be noted that Shell Group also has other businesses including 26% ownership rights in Pak Arab Pipeline Company Limited (PAPCO).
