Shell Petroleum Limited Company has notified it to sell its shareholdings in the local unit, sending a notice to Pakistan Stock Exchange. The oil firm announced the plan to exit the Pakistani market.
Shell notified the Pakistan Stock Exchange saying, “We hereby inform you that the Board of Directors of Shell Pakistan Limited in a meeting of its board, held on June 14, 2023 have been notified by The Shell Petroleum Company Limited of its intent to sell its shareholding in SPL”.
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SPL clarified that any sale will be subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals. The oil and gas company maintained that the development would have no impact on its current business operations.
Shell, Safe and Reliable
SPL will continue to deliver safe and reliable operations for our customers and partners. Shell is one of the World’s largest energy and petrochemical companies from the United Kingdom.
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Earlier, Shell also announced its financial performance for the first time in 2023, which was really not good as it was impacted by the ongoing economic crises in the country.