After Acquisition Shell Pakistan converted into Wafi Energy.

After the acquisition, Shell Pakistan is now officially called Wafi Energy Pakistan Limited. Wafi Energy is a Saudi Arabia-owned company that purchased Shell Pakistan 188.6 million shares.

Shell is selling its business in other countries as well, including Pakistan, due to revenue issues and the overall global recession. After formally signing the agreement, Wafi Energy purchased 87.78 percent of shares of Shell Pakistan via the Pakistan stock exchange. Moreover, Shell Pakistan officially announced it would sell its share in Nov 2023.

Overall, multinational companies are reducing their operations in Pakistan, or they are totally shutting down their operations due to the constrained financial situation of Pakistan. It was reported that growth in Pakistan in 2024 was only 0.92% due to higher inflation and reduction of purchasing power of people in Pakistan.