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Shell Pakistan on Wednesday said its parent company’s unit, Shell Petroleum Company, has signed a deal with Saudi-based Wafi Energy to sell domestic operations. Shell Petroleum Company, the international arm of Shell , said the sale is expected to complete by the fourth quarter of 2024, subject to regulatory approvals. In June, Shell Petroleum Company said it would exit Pakistan with the sale of its 77 per cent shareholding. The move comes after Shell made several announcements about its global operations and after Shell Pakistan (SPL) suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables, and as the country faces a financial crisis and economic slowdown. Read more: https://lnkd.in/dXYsrZp6

PRL, Air Link withdraw intention to buy 77.42% shares, control of Shell Pakistan Pakistan Refinery Limited (PRL) and Air Link Communication Limited (Air Link) have announced their withdrawal from the intention to acquire a controlling stake in Shell Pakistan Limited, separately sharing notices with the Pakistan Stock Exchange on Wednesday. The acquisition, which was first proposed in July 2023, was aimed at acquiring 77.42% of Shell Pakistan Limited’s shares and control. SPCo, WAFI Energy execute SPA for acquisition of Shell Pakistan Limited “However, negotiations with the seller did not progress, leading to the withdrawal of the Public Announcement of Intention (PAI) under the Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017,” the notice stated. The PAI was submitted by Next Capital Limited, acting as the manager to the offer, on behalf of PRL and Air Link. The announcement was made through a notice to the Pakistan Stock Exchange (PSX) on July 17, 2023. According to the initial proposal, PRL and Air Link intended to acquire 77.42% of Shell Pakistan Limited’s shares through an agreement and an additional 11.29% through a public offer. This would have amounted to a total potential acquisition of 88.71%. Turnaround: after loss-making 2022, Shell Pakistan posts Rs6.2bn profit in 2023 Shell Pakistan Limited had announced in June 2023 that its parent company, Shell Petroleum Company Limited (SPCo), intended to sell its shareholding in SPL. SPCo had a 77.42% stake in SPL as of December 31, 2022. Despite the intent to sell, Shell Pakistan Limited assured that its current business operations would not be affected. The decision now marks the end of the acquisition bid for Shell Pakistan Limited by the two companies. SPL is a subsidiary of Shell Petroleum Company Limited, United Kingdom, which is a subsidiary of Royal Dutch Shell Plc, one of the world’s largest energy and petrochemical companies. The company markets petroleum products and compressed natural gas, and also blends and markets various kinds of lubricating oils. PRL is one of the five refineries operating in Pakistan, and engaged in the production and sale of petroleum products. It is a subsidiary of Pakistan State Oil Company Limited. Meanwhile, Air Link Communication is one of the smartphone distributors, manufacturers, and retailers in the country, and has a nationwide network.

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.

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.

Saudi Aramco, the world’s biggest oil producer, has agreed to acquire a 100 per cent equity stake in Esmax Distribusción (Esmax) from Southern Cross Group. The state-energy firm said the transaction is subject to certain customary conditions, including regulatory approvals. Esmax distributes Petrobas fuel in Chile. The transaction will give Aramco access to retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant. The deal is set to be Aramco’s first downstream retail investment in South America. The company said it recognises the potential and attractiveness of this market and the acquisition of Esmax will advance the company’s strategy of strengthening its downstream value chain. “This agreement is yet another milestone in our strategy to grow Aramco’s downstream presence globally and expand our retail, lubricants and trading businesses. We are excited by the opportunities it presents, creating synergies with our extensive trading and manufacturing systems,” said Mohammed Y. Al Qahtani, Aramco Downstream president. The acquisition is also expected to further unlock new market opportunities for Valvoline branded lubricants, following the acquisition of the company’s global products business for $2.65bn in February 2023. The deal further boosted the world’s biggest oil firm’s base oil portfolio. Al Qahtani said the acquisition of Esmax creates a platform to launch the Aramco brand both in Chile and South America while unlocking significant potential to capitalise on new markets for its products. Meanwhile, Aramco is investing heavily in fuels and petrochemicals to diversify from crude oil sales, while tapping tap demand in new markets. The company said capital expenditures in H1 2023 were SAR72bn ($19.2bn). It is targeting capital expenditure of $45bn to $55bn for 2023. Aramco purchased a stake in a 211,000 barrels-a-day refinery in Poland in January as it looks to take advantage of Europe’s pivot away from Russian energy supplies. source: Gulf Business #web3finance #SaudiArabia #Aramco #ironcapitalnews

Brazil’s state-controlled oil firm Petroleo Brasileiro SA just announced a 31% increase to its five-year investment plan in a major shift away from the cost-control strategy that had prevailed under previous management. The plan comes as Petrobras boss Jean Paul Prates is under increasing pressure from government officials to lower fuel prices and more closely align company strategy with President Luiz Inacio Lula da Silva’s efforts to fight inflation and boost Brazil’s economy. The oil giant is scheduled to hold its annual investor day on Tuesday in New York, when shareholders will get a better sense of the new initiatives. Petrobras shares have outperformed peers this year, including the six Big Oil firms.

Coming up to 5 years since IPO, the Saudi Government is selling a further 1.565 billion shares with the potential for another 155 million greenshoe to our retail holders. This will further increase the liquidity in Aramco stock, already nearly 3x where it was a year ago, and reflects demand from the wider institutional base, with the number of international investors on the Tadawul roughly twice the level at the IP0. This is a Fully Marketed Offer, and Aramco management and IR will be engaged with investors and on selected roadshows over the offer period. The strategy is clear and the investment proposition actually quite easy - and attractive: if you ask Why Buy Aramco, here are some key reasons: 1) Distinctive, sustainable long term competitive advantage in traditional energy and the energy transition 2) Differentiated growth opportunities which this advantage brings 3) Exceptional financial strength and returns focus 4) Sustained value creation and cash returns to shareholders, offering proven resilience on the downside and sharing the upside with our investors. We have a lot of examples and information to support these. Take a look at a summary on the Aramco website, and I look forward to catching up with you as we continue the amazing story at Aramco - 91 years old and couple of days ago https://lnkd.in/dRYrb4CA

Shell's profits have declined due to Russia's invasion of Ukraine causing a surge in oil and gas prices. However, the company's earnings in the past three months have increased by 23% compared to the previous quarter, driven by higher oil prices, increased oil and gas production, and improved refining and gas trading performance. Shell plans to distribute $3.5bn to shareholders through a share buyback program, totaling $23bn returned to shareholders this year. The payouts are criticized by Global Witness due to the beneficiaries' involvement in Russia's actions. Shell's CEO is shifting the company's strategy to focus on oil and gas and plans to reduce the workforce in the low-carbon solutions division. #Euro #Russia #SaudiArabia #MiddleEast #Opec #GlobalWitness #WorldBank #Moscow #Ukraine #Greenpeace #UnitedStatesDollar

Saudi Aramco is reportedly considering making an offer to acquire properties owned by Shell Plc in Pakistan, including Karachi Shell Pakistan Ltd. This potential acquisition could mark Saudi Aramco's entry into the South Asian nation. Shell has a long history in Pakistan, operating over 600 fuel stations and engaging in the business of lubricants and retail chains. The estimated market value of Shell's assets in Pakistan is approximately $123.5 million, though any deal between the two companies is expected to value the Pakistani assets at around $200 million, according to sources familiar with the matter. Shell had previously announced its intention to exit Pakistan by June as part of its strategy to divest lower-profit businesses and maximize shareholder returns. While discussions are ongoing, no transaction is guaranteed at this point. There has been significant interest from both international and local potential purchasers, but no specific firms have been named in the process. Saudi Aramco's potential involvement in Pakistani ventures aligns with Saudi Arabia's aim, under the leadership of King Prince Mohammed bin Salman, to explore more support and investment opportunities for Pakistan. The Saudi Fund for Development is also considering increasing the amount deposited with Pakistan's central bank, potentially from $3 billion to $5 billion, following an evaluation study. Aramco has been actively pursuing global investments, including a recent purchase of a 10% stake in China Rongsheng Petrochemical Co for $3.2 billion and a $500 million investment in MidOcean Energy. Meanwhile, Shell has been expanding its investments, including its foray into liquefied natural gas (LNG) through the acquisition of MidOcean Energy and negotiations for a 10% interest in Shandong Yulong Petrochemical Company of China, which is developing an industrial complex for oil product #shellaramco #pakistanoilindustry

QatarEnergy announces its support of the initiative of distributing interim dividends “semi-annually” by its listed companies on Qatar Stock Exchange QatarEnergy, driven by its commitment to maximize the value to shareholders in the companies listed on Qatar Stock Exchange, that reflects positively on the national economy and is one of the key pillars of Qatar National Vision 2030, announced its support of the initiative of interim dividends distribution by the companies that are listed on Qatar Stock Exchange in which QatarEnergy is a shareholder. Commenting on the announcement, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “The distribution of dividends on a semi-annual basis is a key step in supporting efforts and initiatives that aim to strengthen the national economy through developing Qatar’s capital market. This is in line with the best regional and international standards and practices, and will help enhance our market’s competitive advantages and bolster its liquidity.” His Excellency Minister Al-Kaabi added: “The distribution of interim dividends will enhance investors’ confidence in the operational performance of companies listed on Qatar Stock Exchange, the strength of their financial position, and their positive cashflow generation ability.” QatarEnergy will coordinate exclusively with Industries Qatar “IQCD”, Mesaieed Petrochemical Holding Company “MPHC”, Qatar Aluminum Manufacturing Company “QAMCO”, Qatar Fuel Company - Woqod “QFLS”, Qatar Electricity and Water Company “QEWS”, and Qatar Gas Transport Company Limited - Nakilat “QGTS” for the purpose of semi-annual dividend distribution, in line with all relevant regulations and procedures. #QatarEnergy #YourEnergyTransitionPartner #Qatar