Saudi Group Asyad Holding, operating through UAE-based Wafi Energy Holding Limited, has successfully acquired a controlling stake of 77.42 percent in Shell Pakistan Limited, a significant move aimed at enhancing Pakistan’s retail oil sector, reported 24NewsHD TV channel on Monday.

The acquisition, approved by the Competition Commission of Pakistan (CCP) under Section 11 of the Competition Act, 2010, marks a pivotal moment in the country’s energy landscape.

Shell Pakistan Limited, a prominent entity listed on the Pakistan Stock Exchange, holds a robust presence in retail motor fuels and lubricants nationwide. Wafi Energy Holding Limited, an affiliate of Asyad Holding Group specializing in fuel station management in Saudi Arabia, established Wafi Energy Holding Limited specifically for investment ventures in Pakistan.

A Shell Pakistan spokesman said the sale process has been under way for a year and it would take another two months to finalize it.

The CCP’s Phase I competition assessment identified “Retail Fuel, Vehicle Lubricants, and Industrial Lubricants” as key product markets. Despite the acquisition, Shell Pakistan’s market shares in these segments are expected to remain unchanged.

Dr Kabir Ahmed Sidhu, Chairman of CCP, emphasized the regulatory body’s commitment to fostering competition and improving service standards in Pakistan’s fuel supply chain.

Kabir Sidhu highlighted that the acquisition is poised to introduce new dynamics that could positively impact the local market, promoting economic growth and consumer benefit.

The acquisition of Shell Pakistan by Asyad Holding Group represents a strategic investment aimed at leveraging local expertise and global capabilities to bolster Pakistan’s energy infrastructure. With regulatory approval secured, stakeholders anticipate transformative developments in the retail oil sector in the coming months.