Multinational Company of Petroleum "SHELL" Announces to Leave Pakistan
- 14, June , 2023
Newstoday: It has been reported that Shell Petroleum Company has made the decision to close its operations in Pakistan. According to a British news agency, the multinational oil and gas company plans to sell 77 percent of the shares of Shell Pakistan to a buyer and, as a consequence, hand over the management and control of the company. The news agency cited financial losses incurred by the Shell Petroleum Company during 2022 as the reason behind this decision, which were primarily due to the increase in the value of the US dollar and the decrease in the value of the Pakistani rupee. Furthermore, the company also encountered problems with the recovery of dues, which added to their financial troubles.
Speaking on behalf of Shell Petroleum Company, a spokesperson stated that the sale of shares would include the group's other businesses, including a 26 percent ownership interest in (PAPCO). Despite this announcement, the company has assured the public that this decision will not affect Shell's ongoing operations in Pakistan, which will continue as usual. The sale of shares has reportedly been approved by the board of directors, and Shell Petroleum Company looks forward to a successful transition of management and control to the new buyer.