Shell is exiting the country where it has operated for 75 years

Shell has decided to exit the country by selling its 77.42 percent stake in Shell Pakistan Limited (SPL), which has been active in Pakistan for 75 years. According to a note sent by the company via e-mail, the company has started the process of selling its 77.42 percent stake in Shell Pakistan, the SPL Downstream business and SPL’s 26 percent stake in the Pak-Arab Pipeline Limited. A Shell spokesperson said: “Shell’s subsidiary Shell Petroleum Company Limited has announced its intention to sell its shares in Shell Pakistan Limited in order to simplify its portfolio. Shell Pakistan has been present in the country for 75 years. Any sale will be subject to the preparation of binding documents and approvals from the applicable regulatory authorities. Shell is seeing strong interest from international buyers. Shell Pakistan remains committed to continuing its operations in a reliable manner.” The company stated in a statement to the Pakistan Stock Exchange that the sale process will not affect current operations. Shell Pakistan also has a retail network of over 600 locations across the country, 10 active fuel terminals and around 400 local employees. The company said it took the decision to "simplify its portfolio", adding that the depreciation of the Pakistani rupee and the economic problems facing the country were the main reasons for the decision.