Is Shell Really Leaving Pakistan?
Pakistan is experiencing one of its worst periods of economic unrest, as evidenced by recent figures and incidents. The import has become tough, the State Bank of Pakistan (SBP) is no longer issuing LCs, the dollar rate against the Pakistani rupee remains fluctuating, and political upheaval is the icing on the cake. The automakers have often announced the closure of production plants, particularly since the beginning of 2023. Overall, the picture is grim.
We heard good news regarding petrol a few days ago when the first ship carrying Russian oil arrived in Pakistan, raising hopes of a drop in price. However, the most recent information is not very encouraging because Shell International plans to sell its Pakistani investment.
Sell Pakistan informed the Pakistan Stock Exchange (PSX) that Shell Petroleum Company Limited (SPCo) informed the Board of Directors of Shell Pakistan Limited (SPL) during a meeting today of its intention to sell its stake in SPL.“Any sale will be subject to a targeted sales process, the execution of binding documentation, and receipt of applicable regulatory approvals,” the statement read.
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The corporation made it clear that this announcement has no effect on SPL’s ongoing business operations. “SPL remains committed to continuing to deliver safe and reliable operations for our customers and partners,” the statement said. According to media reports, the local operations, which are owned by the immediate parent firm SPCo, sustained losses in 2022 as a result of exchange rates, the depreciation of the Pakistani rupee, and past-due receivables.
Simply stating, Shell is going! What do you make of this, do let us know!
