Karachi, November 1, 2023 – Shell Petroleum Company Limited, a subsidiary of Shell plc (Shell), has
agreed to sell its 77.42% majority interest in Shell Pakistan Limited (SPL) to Wafi Energy LLC.
The sale is part of Shell’s strategy to high-grade its mobility network and was first announced on Capital
Markets Day in June 2023.
The sale is expected to complete by Q4 2024, subject to regulatory approvals. Upon completion, the Shell
brand will remain in Pakistan through brand licensing agreements and customers will continue to have access
to Shell’s premium fuel and lubricant portfolio.
SPL remains committed to delivering safe, reliable operations.
Notes to editors
? SPL is listed on the Pakistan Stock Exchange (PSX:SHEL), and its total business footprint in Pakistan
includes more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26%
shareholding in Pak-Arab Pipeline Company Limited.
- Wafi Energy LLC, a wholly-owned affiliate of Asyad Holding Group, is a leading fuel retailer in the
Kingdom of Saudi Arabia and last year signed a license agreement to operate mobility sites under the Shell
brand in the kingdom.
Enquiries
Asia Pacific Media Relations: apac-media@shell.com
Cautionary note
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“Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in
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Forward-Looking Statements
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loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of
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statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred
to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect
future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2022 (available at www.shell.com/investor and
www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should
be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, November 1, 2023.
Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a
result of new information, future events or other information. In light of these risks, results could differ materially from those stated,
implied or inferred from the forward-looking statements contained in this announcement.
Shell’s net carbon intensity
Also, in this announcement we may refer to Shell’s “Net Carbon Intensity”, which includes Shell’s carbon emissions from the
production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’
carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term
Shell’s “Net Carbon Intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its
subsidiaries.
Shell’s net-Zero Emissions Target
Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current
economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1,
Scope 2 and Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050
net-zero emissions target and 2035 NCI target, as these targets are currently outside our planning period. In the future, as society
moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in
2050, as of today, there would be significant risk that Shell may not meet this target.
Forward Looking Non-GAAP measures
This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We
are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial
measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial
measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and
exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful
reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of
future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is
consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
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We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange
Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the
disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
