Shell Petroleum to sell stake in Pakistan

[waz]

PDM will be sending a team of generals to negotiate a $100 billion deal with Exxonmobil.

 

[Pogical Thinking]

Shell has been trying to exit the OMC market in Pakistan for over 5 years now. OMC's in Pakistan are a shit business due to government having full control over prices. It is also prudent to note that shell is not exiting their lubricants operations in Pakistan only the OMC market. Their press release also noted that they have strong interest from other international buyers.

 

[PakFactor]

Maybe Saudi Arabia, UAE, or China can buy that business share?

They dropped $ 40 billion to Reliance Industries in India for refinery projects, etc.; I doubt anything will come Pakistani way.

 

[Jango]

PDM will be sending a team of generals to negotiate a $100 billion deal with Exxonmobil.

Ishaq Dar will sort them out!

He will give them a befitting reply!

 

[Pogical Thinking]

An interesting thing to note is that Shell's 77.6% share in Shell Pakistan is valued at a grand total of $50 million USD, really goes to show just how under-developed and small the Pakistani economy really is when compared to other countries.

 

[Menace2Society]

These Sharifs and Zardaris are destroying the country to consolidate their power. What a mess. Pakistan will remain 3rd world until atleast the end of the century.

 

[Mirzali Khan]

Maybe Saudi Arabia, UAE, or China can buy that business share?

Its hard to convince countries for FDI when the government is really corrupt and inefficient.

 

[tman786]

Thanks establishment and patwaris. Each day Pakistan is rising to bigger heights

 

[Muji.Iqbal]

No one is willing to invest in a sinking ship.

True, but Aramco from Saudi Arabia is always eager to increase its revenue and influence.

 

[Vortex]

Shell Petroleum to sell stake in Pakistan​

Reuters | Dawn.com Published June 14, 2023 Updated about 2 hours ago

LISTEN TO ARTICLE1x1.2x1.5x
Shell Pakistan said on Wednesday that parent Shell had notified it of the group’s intent to sell its shareholding in the business.
Shell Petroleum Company (SPCo), the immediate parent company, owns 77 per cent of the local operations, which suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables.
“… the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its board held on June 14, 2023, have been notified by SPCo of its intent to sell its shareholding in SPL,” SPL said in a notice to the Pakistan Stock Exchange.
It is unclear how much of its stake SPCo is selling.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.

https://twitter.com/x/status/1668891715049074688

In a separate press release, SPL said that any sale would be “subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals”.
“Shell is seeing strong interest from international buyers,” the press release said.
In March, SPL had reported that its net loss for the year ending on Dec 31, 2022, remained Rs72.3 million versus a profit of Rs4.4 billion in 2021.
The drop in the bottom line was in contrast with the company’s sales, which rose 48.2pc year-on-year to Rs418.6bn in 2022.
A press statement said the company increased its footprint in the year under review and commissioned 31 retail stations, 28 Generation-5 Select outlets and 25 new car wash facilities with tyre care.
There was no final cash dividend, even though the interim cash dividend for the first nine months of 2022 was Rs3 a share.
Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.









Ishaq Dar single handedly destroy the Pak economy, when everyone was telling him to negotiate IMF deal and don't control the dollar artificially , let the market fix the dollar value. But he artificially set the dollar price at 223 which ruined the economy.

He was and is very clever ! He and his master PDM in kaki will buy it !

 

[babajees]

Do we have fauji petroleum yet?

Askari Petroleum*

I was joking, but in reality we have Askari Fuels: https://www.awt.com.pk/home/askari_fuels

 

[Olympus81]

I doubt if any foreign investors will invest.

We’ll have Askaris or Front men of Askaris or Zardari’s front men doing a cut throat bid until Shell will need to cut their losses and make an exit.

 

[lightning F57]

It's what happens in a sinking ship, people jump to save their lives. Multinational corporations not in business for charity, pak has become a failed state unfortunately.

 

[POPEYE-Sailor]

Shell Petroleum to sell stake in Pakistan​

Reuters | Dawn.com Published June 14, 2023 Updated about 2 hours ago

LISTEN TO ARTICLE1x1.2x1.5x
Shell Pakistan said on Wednesday that parent Shell had notified it of the group’s intent to sell its shareholding in the business.
Shell Petroleum Company (SPCo), the immediate parent company, owns 77 per cent of the local operations, which suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables.
“… the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its board held on June 14, 2023, have been notified by SPCo of its intent to sell its shareholding in SPL,” SPL said in a notice to the Pakistan Stock Exchange.
It is unclear how much of its stake SPCo is selling.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.

https://twitter.com/x/status/1668891715049074688

In a separate press release, SPL said that any sale would be “subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals”.
“Shell is seeing strong interest from international buyers,” the press release said.
In March, SPL had reported that its net loss for the year ending on Dec 31, 2022, remained Rs72.3 million versus a profit of Rs4.4 billion in 2021.
The drop in the bottom line was in contrast with the company’s sales, which rose 48.2pc year-on-year to Rs418.6bn in 2022.
A press statement said the company increased its footprint in the year under review and commissioned 31 retail stations, 28 Generation-5 Select outlets and 25 new car wash facilities with tyre care.
There was no final cash dividend, even though the interim cash dividend for the first nine months of 2022 was Rs3 a share.
Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.









Ishaq Dar single handedly destroy the Pak economy, when everyone was telling him to negotiate IMF deal and don't control the dollar artificially , let the market fix the dollar value. But he artificially set the dollar price at 223 which ruined the economy.

BUT OUR PRIDE n Periorty is our army as mention on bill boards. Fk economy blood bath has been done by mf bajwa - why he did all this sht bcz of his personal reasons. ohhh he is our pride we can not say anything.

 

[WarKa DaNG]

How these people are sleeping at night knowing they have literally raped the economy from all four sides