June 19, 2023 (MLN): Pertaining to Shell PLC’s announcement to exit Pakistan, intense speculation has been sparked about the potential buyer who will acquire Shell PLC’s stake in the country.
Amidst the uncertainty, all eyes are now focused on Saudi Wafi Energy Co., which made headlines with its agreement to enter the Saudi mobility market via trademark licensing with Shell Global last year.
The partnership between these two industry giants has raised hopes that Saudi Wafi Energy Co. could be the frontrunner to purchase Shell PLC’s stake in Pakistan or even establish a franchise similar to its successful venture in Saudi Arabia, well-informed sources told Mettis Link News.
Federal Minister for Finance and Revenue, Senator Ishaq Dar’s latest statement hinted the same that Shell PLC is open to selling its shares to another foreign investor.
Ishaq Dar emphasized that the nationality of the buyer, whether Investor A or Investor B, would have no impact, as both would bring foreign direct investment into the country.
Shell’s plans extend beyond Pakistan to other Asian countries, representing that the decision is not a reflection of Pakistan’s economic conditions.
He also mentioned the potential for the new investor to retain the name “Shell” based on their preference.
This statement has further fueled expectations that Saudi Wafi Energy Co. might seize the opportunity to expand its presence in the Pakistani energy sector.
The potential acquisition by Saudi Wafi Energy Co. has drawn significant attention due to its reputation for strategic investments and expertise in the global energy market.
The company’s track record in Saudi Arabia, where it has effectively established a franchise, has located it as a potential game-changer in Pakistan’s energy landscape.
If Saudi Wafi Energy Co. appears to be the successful bidder, it could not only signify a noteworthy shift in the energy market but also open doors for further alliance and investments between Pakistan and Saudi Arabia.
