By Syed Wahaj Ahmed
Wafi Energy has agreed with Shell International PLC to acquire a majority stake in Shell Pakistan Limited (SPL) from Shell Petroleum Company Limited, a subsidiary of Shell PLC.
Wafi Energy is a leading fuel retailer in the Kingdom of Saudi Arabia (KSA) and operates mobility sites under the Shell brand in KSA. This acquisition is part of Wafi Energy’s strategy to expand its business interests and investments. Wafi Energy’s vision is to grow the Shell brand as a one stop solution for motorists by delivering the highest level of on-the-road retail services in KSA with simplicity, value, and convenience.
The acquisition of Shell Pakistan Limited will enable Wafi Energy to expand its presence and geographic reach. Wafi Energy believes that the Pakistan market holds growth potential and has acquired the shares in SPL to create value and growth. Wafi Energy expects that SPL will generate significant value maintaining international governance standards, operating procedures, financial acumen and transparency.
Shell brand will still be offered in Pakistan through a licensing arrangement, ensuring continued access to premium fuel, lubricants, lower-emission fuels, and convenience retail services. Existing Shell customers in Pakistan will gain from Wafi Energy’s commitment to deliver highest level of services. Pending completion of remaining formalities, the acquisition is expected to mark a new chapter in Wafi Energy’s journey towards a stronger presence in the industry.
Moreover, SPL is listed on the Pakistan Stock Exchange (PSX: SHEL), and its total business footprint in Pakistan includes more than 600 mobility sites, 10 operational fuel terminals, a Lubricant Oil Blending Plant and a 26 per cent shareholding in Pak-Arab Pipeline Company Limited.
Thar Foundation provides solar systems to 1,035 households: The Thar Foundation recently marked a significant milestone with the inauguration of the Village Electrification Project (VEP), set to illuminate households in Thar Coal Block- II through the installation of solar systems.
As part of the initiative, a total of 1,035 households are poised to benefit, painting a promising picture of progress and development for the region’s villages.
The project was inaugurated by CEO Sindh Engro Coal Mining Company Amir Iqbal in a ceremony held at Thar coal block-II, while Director site SECMC Azhar Malik, GM Thar Foundation Farhan Ansari, GM EPTL Fazal Thebo and GM Admin HUBCO Tarique Fareed were also present on the occasion.
“Thar coal block-II is already providing electricity to three million households in the country, and under Village Electrification Project (VEP), solar electricity will be provided to 1,000+ households, whilst young local workers trained under vocational training initiative of Thar Foundation will work on this project.
I am hopeful that the initiative will enhance socio-economic opportunities for the residents of Thar Block-II,” said Amir.
Later, grant cheques were distributed among 40 deserving families including those with disabilities, widows, and individuals in need under the Village Improvement Programme (VIP).
