Shell Pakistan (SHEL.PSX) said on Wednesday that its parent company, Shell (SHEL.L) unit Shell Petroleum Company, would be exiting Pakistan with the sale of its 77% shareholding in the local business.
The move came after Shell made several announcements about its global operations and after Shell Pakistan (SPL) suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables, and as the country faces a financial crisis and economic slowdown.
“To support its intention to high-grade and simplify its portfolio, Shell Petroleum Company Ltd … has initiated a sales process to sell its 77.42% shareholding in Shell Pakistan Ltd,” a spokesperson for