Riyadh October 13 2023: Saudi Aramco is exploring a potential bid for Shell Plc’s assets in Pakistan, according to people familiar with the matter, possibly marking the Gulf oil giant’s first foray into the South Asian nation.
Aramco is studying the Shell assets including Karachi-listed Shell Pakistan Ltd., which has a market value of about $123 million, said the people, who asked not to be identified as the information is private. The Pakistani assets could be valued at around $200 million in a transaction, the people said.
Shell, one of the oldest multinational companies with operations in Pakistan, runs more than 600 retail outlets.
As per the announcement made by the Company to the Pakistan Stock Exchange on June 14, 2023, Shell Petroleum Company Limited, United Kingdom (the Immediate Parent of the Company) which is a subsidiary of Shell Plc, informed the Board of Directors of its intent to sell its shareholding of 77.42% in the Company.
Shell Pakistan Limited is a limited liability Company incorporated in Pakistan. The Company is a subsidiary of Shell Petroleum Company Limited, United Kingdom which is a subsidiary of Royal Dutch Shell Plc. The Company markets petroleum products and compressed natural gas. It also blends and markets various kinds of lubricating oils.