Competition Commission approves acquisition of Shell Pakistan stake by Saudi Group Asyad

Competition Commission Pakistan Says that the commission Saudi Arabia The company has given approval to Asyad Group to take over 77% stake and control of Shell Pakistan.

According to a press release issued on the Commission’s website, the Competition Commission of Pakistan (CCP) has approved the acquisition under Section 11 of the Competition Act, 2010.

According to the statement: ‘Shell Pakistan Limited on the Pakistan Stock Exchange maintains significant business influence in the retail supply of motor fuels and lubricants across Pakistan.

M/s Wafi Energy LLC is a wholly owned subsidiary of Asyad Holding Group which is based in Saudi Arabia. Fuel It specializes in the management and operation of stations.

The statement further informed that the group has established Wafi Energy Holding Limited for investment purposes in Pakistan.

According to the Competition Commission: ‘In the first phase competition review of CCP’Retail fuelvehicle lubricants and industrial lubricants’ have been identified as relevant product markets.

It was also disclosed that Shell Pakistan has separate stakes in the three respective markets but this will not change following the transaction.

Wafi is currently an established Saudi energy company specializing in the management and operation of fuel stations and operating service stations in Saudi Arabia. Wafi is a wholly owned subsidiary of Asyad Holding Group (Wafi website).

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“The analysis further confirms that Wafi Energy Holding Limited will not acquire a dominant position in the relevant markets even following acquiring direct control of Shell Pakistan,” the Competition Commission’s statement added.

“Therefore, the CCP has authorized the said acquisition with immediate effect under Section 31 of the Competition Act, 2010.”

Chairman CCP Dr. Kabir Ahmed Sidhu, while signing the order, said, “It is expected that this development will promote competition by raising the quality of services in the retail fuel supply chain and thus play an important role in the development of Pakistani markets.” will pay.’

According to the Shell Pakistan website: ‘The Shell brand name has a 120-year history in this part of the world, beginning in 1899 when two companies: Shell Transport Company and Asiatic Petroleum, the Far East marketing arm of the Royal Dutch Petroleum Company. started importing kerosene from Azerbaijan to the subcontinent.