The world’s largest oil company, Shell Petroleum, chose Wednesday to sell its shares and leave the Pakistani market.
At a meeting between the Board of Directors of Shell Pakistan Limited (SPL) and its parent company, Shell Petroleum Company Limited (SPCo), it was decided that SPCo would sell its shares in SPL.
“Any sale will depend on a targeted sales process, the signing of legally binding documents, and the approval of the relevant regulatory bodies.” “There is a lot of interest from buyers outside of Pakistan,” a spokesman for Shell Pakistan said in a statement.
The company’s spokesman said that the sale of shares won’t hurt the company’s business in any way.
Shell Pakistan Limited (SPL) is a part of Shell Petroleum Company Limited, United Kingdom, which is a part of Royal Dutch Shell Plc.
SPL, on the other hand, said that the event would not change the way it does business, which will go on as usual.
Shell Pakistan Limited released its financial results for the first quarter of 2023 last month. The current economic crisis in the country had a big effect on the company’s results.
The company’s revenue went down in 2023 compared to the same time last year. Instead of making a profit after taxes of Rs2 billion, the business lost Rs4.6 billion.
The loss was caused by a drastic drop in the value of the Rupee, rising prices, and instability in the economy as a whole.