Saudi group acquires majority stake in Shell Pakistan

Saudi Group Asyad Holding, operating through UAE-based Wafi Energy Holding Limited, has successfully acquired a controlling stake of 77.42% in Shell Pakistan Limited. The deal has been underway for at least a year.

“The Competition Commission of Pakistan has approved the acquisition under Section 11 of the Competition Act, 2010, thus solidifying the said transaction to boost the retail oil sector in Pakistan,” according to the CCP statement.

The completion of the sale process may take an additional two months. However, the Shell brand will continue to exist in the country.

The CCP’s Phase I competition assessment identified ‘Retail Fuel, Vehicle Lubricants and Industrial Lubricants’ as the relevant product markets. It was also revealed that Shell Pakistan has distinct shares in all three relevant markets but that will remain unchanged ppost-transaction.

Shell Pakistan Limited, listed on the Pakistan Stock Exchange, maintains a substantial business footprint in retail supply of motor fuels and lubricants across Pakistan.

Wafi Energy LLC is a wholly-owned affiliate of Asyad Holding Group which specializes in the management and operation of fuel stations in Saudi Arabia. The Group has established Wafi Energy Holding Limited specifically for investment ventures in Pakistan.

Dr. Kabir Ahmed Sidhu, Chairman of CCP, emphasized the regulatory body’s commitment to fostering competition and improving service standards in Pakistan’s fuel supply chain. He said that “this development is expected to boost competition by elevating service standards in the retail fuel supply chain and thus, contribute immensely in flourishing Pakistani markets.”

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