Renowned petroleum company Shell has decided to sell all its shares in Pakistan.
According to the report of the British news agency, Shell says that it will sell 77.42% of the shares of Shell Pakistan.
It also says that it will hand over the management and control of the company to the buyer.
According to the news agency, Shell Petroleum Company faced huge financial losses in 2022 due to the increase in the value of the dollar and the decrease in the value of the Pakistani rupee.
Apart from this, the British company also faced problems in recovery of dues due to which this decision was taken.
According to a Shell spokesperson, the sale of shares also includes other businesses of the group, including 26 percent ownership rights in Pak Arab Pipeline Company Limited (PAPCO).
Shell Petroleum Company has said in a statement that the company is selling its shares in Pakistan, which has been approved in the meeting of the board of directors.
The statement also said that the sale will not affect Shell’s ongoing operations in Pakistan and they will continue.
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