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Shell Petroleum intends to sell its shareholding in Pakistan unit

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1 year ago

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  • Shell notifies PSX about its intent to sell its shareholding in SPL.
  • Company says any sale will be subject to a targeted sales process.
  • Development will have no impact on its current business operations.

Shell Pakistan Limited (SPL) on Wednesday announced that its parent company, Shell Petroleum Company Limited, has notified its intent to sell its shareholding in the Pakistan unit.

Shell Pakistan, in a notice sent to the Pakistan Stock Exchange (PSX), said: “We hereby inform you that the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its Board, held on June 14, 2023, have been notified by The Shell Petroleum Company Limited (SPCo) of its intent to sell its shareholding in SPL.”

The oil and gas company clarified that any sale will be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals.

SPL, however, said that the development would have no impact on its current business operations, which will continue.

“SPL remains committed to continuing to deliver safe and reliable operations for our customers and partners,” it added.

It should be noted that the SPL is a subsidiary of Shell Petroleum Company Limited, United Kingdom, which is a subsidiary of Royal Dutch Shell Plc, one of the world’s largest energy and petrochemical companies.

With 350+ employees, SPL markets petroleum products and compressed natural gas, and also blends and markets various kinds of lubricating oils.

Last month, Shell Pakistan Limited announced its financial performance for the first quarter of 2023, which was severely impacted by the ongoing economic crisis in the country.

The loss came on the back of an unprecedented devaluation of the rupee, rising inflation and macroeconomic uncertainty.

Shortly after the announcement, at around 2:08pm, the share price of Shell Pakistan was hovering around Rs89.17, up by Rs6.22 with a volume of over four million.

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PSX 100-index reaches an unprecedented peak, exceeding 111,000 points.

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16 hours ago

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The Pakistan Stock Exchange (PSX) reached the significant milestone of 111,000 points shortly after today’s market opening.

The KSE-100 Index ascended by more than 1,000 points in the initial five minutes of trade, achieving a notable increase of 1,044 points to attain 111,014 points.

The increase indicates heightened investor confidence and a robust market sentiment.

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Business

SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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2 days ago

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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Business

When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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2 days ago

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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