Navy Chief
ISLAMABAD: Chief of the Naval Staff Admiral Naveed Ashraf reached Saudi Arabia and called-on top Leadership of Royal Saudi Armed Forces during an official visit to Saudi Arabia.
During meetings with Chief of the General Staff of Saudi Armed Forces, Gen Fayyadh
bin Hamed Al-Ruwaili at Ministry of Defence and Commander Royal Saudi Naval
Forces Vice Admiral Fahd Bin Abdullah al-Ghofaily at Royal Saudi Naval Forces
(RSNF) Headquarters matters of bilateral naval collaboration and regional maritime
security were discussed.
The Naval Chief underscored the contribution of Pakistan Navy towards regional maritime peace and stability through its initiative of Regional Maritime Security Patrols (RMSP) and participation in Combined Maritime Force.
The Commander RSNF appreciated Pakistan Navy role in support of collaborative maritime security in the region and acknowledged significance of strong bilateral defence collaboration.
Earlier upon arrival at RSNF Headquarters, Chief of the Naval Staff was presented
Guard of Honour and given a briefing on training setups and ongoing operations of
Royal Saudi Naval Forces.
Pakistan and Saudi Arabia historically enjoy brotherly relations and the visit of Naval
Chief will further augment and expand defence ties between the two countries in
general and navies in particular.
Saudi company buys Shell Pakistan
Meanwhile, Saudi mega oil company WAFI Energy has acquired Shell Pakistan. In a notice sent to Pakistan Stock Exchange, Shell Petroleum said it has entered into an agreement with WAFI Energy to sell its 77.42% majority stake in Shell Pakistan Limited.
This seems to be a mega acquisition in energy sector in Pakistan in 2023. WAFI Energy has also published this breaking news on its official website today.
This divestment aligns with Shell’s strategy to enhance its mobility network and was initially disclosed during Capital Markets Day in June 202.
The transaction is anticipated to be finalized in the fourth quarter of 2024, pending regulatory approvals.
Following the completion of the sale, the Shell brand will continue to be present in Pakistan through brand licensing agreements, ensuring that customers will still have access to Shell’s premium fuel and lubricant offerings.
Shell Petroleum Company Limited remains dedicated to maintaining safe and reliable operations.
Shell Pakistan made an official announcement to the Pakistan Stock Exchange (PSX) on Tuesday, revealing a significant development.
According to the statement, Shell Pakistan Limited (SHEL) has received a concrete intention from WAFI Energy LLC to acquire controlling interest in the target company, involving up to 77.42% of the voting shares, surpassing the thresholds specified under Section 111 of the Act.
WAFI Energy LLC is a rapidly growing retail gas station network and is the exclusive licensee of the Shell Retail Network (gas stations) in Saudi Arabia, as outlined in the notice.
In a separate communication, the brokerage firm Arif Habib Limited (AHL) confirmed its appointment as the manager for WAFI Energy’s offer and submitted a public announcement of intention to acquire up to 77.42% of Shell Pakistan’s shares.
The notice from AHL also provided details about WAFI Energy, indicating that it was established in 2012 with an authorized and paid-up capital of 3 million Saudi Riyal.
