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New Recruit
Maybe Saudi Arabia, UAE, or China can buy that business share?
PDM will be sending a team of generals to negotiate a $100 billion deal with Exxonmobil.
New Recruit
Maybe Saudi Arabia, UAE, or China can buy that business share?
True, but Aramco from Saudi Arabia is always eager to increase its revenue and influence.No one is willing to invest in a sinking ship.
Shell Petroleum to sell stake in Pakistan
Reuters | Dawn.com Published June 14, 2023 Updated about 2 hours ago
LISTEN TO ARTICLE1x1.2x1.5x
Shell Pakistan said on Wednesday that parent Shell had notified it of the group’s intent to sell its shareholding in the business.
Shell Petroleum Company (SPCo), the immediate parent company, owns 77 per cent of the local operations, which suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables.
“… the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its board held on June 14, 2023, have been notified by SPCo of its intent to sell its shareholding in SPL,” SPL said in a notice to the Pakistan Stock Exchange.
It is unclear how much of its stake SPCo is selling.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.
In a separate press release, SPL said that any sale would be “subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals”.
“Shell is seeing strong interest from international buyers,” the press release said.
In March, SPL had reported that its net loss for the year ending on Dec 31, 2022, remained Rs72.3 million versus a profit of Rs4.4 billion in 2021.
The drop in the bottom line was in contrast with the company’s sales, which rose 48.2pc year-on-year to Rs418.6bn in 2022.
A press statement said the company increased its footprint in the year under review and commissioned 31 retail stations, 28 Generation-5 Select outlets and 25 new car wash facilities with tyre care.
There was no final cash dividend, even though the interim cash dividend for the first nine months of 2022 was Rs3 a share.
Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.
Ishaq Dar single handedly destroy the Pak economy, when everyone was telling him to negotiate IMF deal and don't control the dollar artificially , let the market fix the dollar value. But he artificially set the dollar price at 223 which ruined the economy.
Askari Petroleum*Do we have fauji petroleum yet?
BUT OUR PRIDE n Periorty is our army as mention on bill boards. Fk economy blood bath has been done by mf bajwa - why he did all this sht bcz of his personal reasons. ohhh he is our pride we can not say anything.Shell Petroleum to sell stake in Pakistan
Reuters | Dawn.com Published June 14, 2023 Updated about 2 hours ago
LISTEN TO ARTICLE1x1.2x1.5x
Shell Pakistan said on Wednesday that parent Shell had notified it of the group’s intent to sell its shareholding in the business.
Shell Petroleum Company (SPCo), the immediate parent company, owns 77 per cent of the local operations, which suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables.
“… the Board of Directors of Shell Pakistan Limited (SPL), in a meeting of its board held on June 14, 2023, have been notified by SPCo of its intent to sell its shareholding in SPL,” SPL said in a notice to the Pakistan Stock Exchange.
It is unclear how much of its stake SPCo is selling.
“This announcement does not impact SPL’s current business operations, which continue,” the notice said.
In a separate press release, SPL said that any sale would be “subject to a targeted sales process, the execution of binding documentation and the receipt of applicable regulatory approvals”.
“Shell is seeing strong interest from international buyers,” the press release said.
In March, SPL had reported that its net loss for the year ending on Dec 31, 2022, remained Rs72.3 million versus a profit of Rs4.4 billion in 2021.
The drop in the bottom line was in contrast with the company’s sales, which rose 48.2pc year-on-year to Rs418.6bn in 2022.
A press statement said the company increased its footprint in the year under review and commissioned 31 retail stations, 28 Generation-5 Select outlets and 25 new car wash facilities with tyre care.
There was no final cash dividend, even though the interim cash dividend for the first nine months of 2022 was Rs3 a share.
Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.
Ishaq Dar single handedly destroy the Pak economy, when everyone was telling him to negotiate IMF deal and don't control the dollar artificially , let the market fix the dollar value. But he artificially set the dollar price at 223 which ruined the economy.