Shell Pakistan in the Dark About Saudi Aramco’s Interest

Shell Pakistan Limited (PSX: SHEL) has clarified that it has no idea about Saudi Aramco’s reported interest. “Reference is made to the various articles appearing in the print and electronic media reporting Saudi Aramco’s purported interest to acquire Shell Pakistan Limited (the “Company”). In this connection, the Company would like to clarify that at present, it has no knowledge of Saudi Aramco’s purported interest in acquiring the Company,” the stock filing stated. This comes after last week’s reports concerning the Gulf oil giant’s entrance into South Asia amid soaring interest in Shell Plc’s assets in Pakistan. Notably, the company announced its decision to exit Pakistan in June and intends to sell its 77.4 percent stake in SHEL and its 26 percent ownership in Pak-Arab Pipeline Co., aligning with its new strategy to divest less profitable businesses. Aramco has so far also declined to comment on the matter.