Saudi Aramco is contemplating a potential bid for Shell Plc's assets in Pakistan. This potential move would mark the Gulf oil giant's initial venture into the South Asian nation. Sources familiar with the matter, who preferred to remain anonymous, disclosed that Saudi Aramco is evaluating Shell's assets in Pakistan, including Shell Pakistan Ltd, which is listed in Karachi with a market value of $123 million. These insiders estimated the total value of the oil and gas company's assets in Pakistan at approximately $200 million if a deal were to materialize. Shell has an extensive presence in Pakistan, with over 600 fuel stations and a longstanding 75-year history of operations in the country. In addition to the fuel stations, the company is also involved in a lubricants business. However, the sources clarified that Aramco's interest does not guarantee an acquisition, as other potential buyers might also express interest. A representative from Shell acknowledged receiving significant interest from both local and international buyers but refrained from providing specific details. The representative emphasized that any potential sale would be contingent on a targeted sales process, the finalization of binding documentation, and the necessary regulatory approvals. Bloomberg attempted to seek comments from an Aramco spokesperson, but there was no response at the time of reporting. In June, Shell declared its decision to exit the Pakistani market, intending to divest its 77.4% stake in Shell Pakistan and its 26% ownership in Pak-Arab Pipeline Co, a state-supported cross-country pipeline system. This move aligns with Shell's strategy, led by CEO Wael Sawan, to bolster shareholder returns and streamline underperforming entities.
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