Saudi Arabia’s Asyad Holding Group has acquired 77.42% of the shareholdings and control of Shell Pakistan Limited, according to a statement from the Competition Commission of Pakistan (CCP).

The acquisition follows a 2023 announcement by the Board of Directors of Shell Pakistan Limited (SPL) and its parent firm, Shell Petroleum Company Limited (SPCo), of their intent to sell their stake in SPL. The shares were purchased by Saudi Arabia’s Asyad Holding Group through its UAE-based firm, Wafi Energy Holding Limited.

The CCP has approved this transaction under the Competition Act, 2010, with the expectation that it will strengthen the retail oil sector in Pakistan.

Shell Pakistan, a major player in the retail supply of motor fuels and lubricants, operates over 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant, and holds a 26% share in Pak-Arab Pipeline Company Limited.

Wafi Energy LLC, a wholly-owned affiliate of Asyad Holding Group, is known for managing and operating fuel stations in Saudi Arabia. This acquisition is anticipated to bring significant expertise and investment to Pakistan’s energy sector.