Wafi Energy acquires 87.78% of Shell Pakistan Limited, marking a significant Saudi investment in Pakistan’s energy market while preserving Shell’s brand and legacy

Wafi Energy, a leading Saudi Arabian company and an affiliate of Asyad Group, has completed the Wafi Energy Shell acquisition, securing approximately 87.78% ownership in Shell Pakistan Limited (SPL) after Shell Petroleum Co. sold its 77.42% stake. This acquisition marks Wafi Energy’s entry into Pakistan’s energy market, with the Shell brand continuing its presence in the country through exclusive brand licensing agreements with SPL.

Ghassan Amoudi, CEO of Asyad Holding Group and incoming chairperson of SPL, expressed enthusiasm over Wafi Energy’s entry into Pakistan’s energy sector, describing it as a “significant milestone” for the Asyad Group in its regional expansion efforts. Amoudi remarked, “We are thrilled that the Shell brand continues in Pakistan, supported by a dedicated team that delivers premium fuel and lubricants to Pakistani consumers, all under stringent safety and quality standards.”

The acquisition signals a robust commitment from Wafi Energy to bolster Pakistan’s energy infrastructure, with SPL set to maintain its broad offerings. SPL, one of Pakistan’s oldest multinational corporations, operates over 600 service stations, extensive storage facilities, and a vast range of global lubricant brands, underscoring its entrenched presence in the country.

Waqar Siddiqui, CEO and managing director of SPL, welcomed the new partnership, highlighting the positive synergies between Wafi Energy’s vision for growth and Shell’s longstanding legacy in Pakistan. “This new chapter enables SPL to build upon a strong foundation, ensuring the delivery of high-quality products to our valued customers,” Siddiqui noted.

Shell’s Continued Legacy in Pakistan
Despite the ownership change, the Shell brand will remain an enduring fixture in Pakistan, fostering a legacy that spans decades. From supplying petroleum for major infrastructure projects like the Mangla Dam and Kotri Barrage to powering the inaugural flights of Pakistan International Airlines, Shell has deeply embedded itself in Pakistan’s development story. Over the years, the company has expanded Pakistan’s energy access by delivering fuel and lubricants by land, sea, and air, making it a key player in the nation’s energy landscape.

This acquisition not only secures the Shell brand’s continuity in Pakistan but also aligns with Pakistan’s expanding energy needs, as the nation increasingly requires diverse and sustainable energy solutions. As Wafi Energy steps into the role of primary shareholder, its goal is to blend its resources and ambitions with SPL’s established reputation, setting the stage for continued progress in Pakistan’s energy sector.

Wafi Energy’s Broader Vision for Growth
The acquisition aligns with the broader ambitions of Wafi Energy and the Asyad Group to expand their footprint across the region. Known for its strategic growth initiatives, Wafi Energy is intent on leveraging its experience to drive innovation and deliver high-quality energy services across Pakistan. Amoudi emphasised that the company’s commitment is rooted in providing reliable energy solutions that support safety, innovation, and excellence, reinforcing Pakistan’s energy landscape with both resources and expertise.

For Pakistan’s energy consumers, the transition promises the continuity of familiar and trusted products, supplemented by Wafi Energy’s drive to foster sustainable development. As Wafi Energy commits to integrating its resources with SPL’s extensive infrastructure, the collaboration aims to address Pakistan’s energy needs with a sustainable, growth-oriented approach.