A few days ago, as the day was going down, news of much fuel arrived with the first trip of a Russian Oil ship, giving a ray of hope for cheaper pricing. Unfortunately, the winds of change have turned, as the reports of the most recent events have cast an unhappy color over the surface of our work. Shell International plans to walk away from its investments in Pakistan.
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According to Shell Pakistan
Sell Pakistan made an important statement in an official letter to the Pakistan Stock Exchange (PSX). It stated that Shell Petroleum Company Limited (SPCo) informed the respected Board of Directors of Shell Pakistan Limited (SPL) that they planned to sell the shares they own in SPL during an important meeting held today. The notice made clear that any future transaction would need to go through a targeted sales process, sign contracts that are legally binding, and get all necessary governmental approvals.
However, it is important to note that this news has no immediate effect on SPL’s (Shell Pakistan Limited) regular business operations, which will continue as usual. SPL (Shell Pakistan Limited) expressed its unchanging focus on maintaining safe and dependable operations for its separated partners and loyal customers.
According to media reports, it has been found that the direct parent company, Shell Petroleum Company Limited (SPCo), holds an important 77% ownership position in the regional activities of Shell Pakistan Limited (SPL). The devaluation of the Pakistani rupee, currency rate risk, and the rise of past-due debts are the main causes of these operations’ financial failures in 2022. All of these factors work together to explain the company’s financial difficulties.