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Wafi Energy Pakistan

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Wafi Energy Pakistan Limited
FormerlyBurmah Shell Oil Distribution Company of Pakistan (1947–1970)
Pakistan Burmah Shell (1970–1993)
Shell Pakistan Limited (1993–2024)
Company typeSubsidiary
PSX: SHEL
KSE 100 component
IndustryOil and gas
Founded1947; 77 years ago (1947)
HeadquartersKarachi, Pakistan
Area served
Pakistan
Key people
Waqar Siddiqui (CEO)
ProductsGasoline, Aviation fuels, Compressed natural gas and lubricants
RevenueIncreaseRs. 412.7 billion (US$1.4 billion)}[1] (2022)
Decrease Rs. 2.95 billion (US$10 million)[1] (2022)
Decrease Rs. -72 million (US$−250,000)[1] (2022)
Total assetsIncrease Rs. 101.73 billion (US$350 million)[1] (2022)
Total equityDecrease Rs. 14.60 billion (US$51 million)[1] (2022)
OwnerWafi Energy Holding (87.78%)
ParentWafi Energy Holding
Websiteshell.com.pk

Wafi Energy Pakistan Limited, formerly known as Shell Pakistan Limited is a Pakistani oil marketing company based in Karachi.[2][3] It is a subsidiary of Wafi Energy Holding, a Saudi Arabian oil and gas company.[4]

History

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Wafi Energy Pakistan's origins date back to 1899 with the establishment of Asiatic Petroleum, a joint venture between Shell Transport Company and Royal Dutch Petroleum Company, which initiated kerosene oil imports from Azerbaijan into the region.[5] A significant historical marker from this period is a storage tank from 1898.[5] The company's documented presence in the Indian subcontinent began in 1903 when The Shell Transport & Trading Company and the Royal Dutch Petroleum Company formed a partnership to supply petroleum to Asia.[5]

In 1928, Royal Dutch Shell merged its marketing interests in India with those of Burmah Oil Company Limited, creating the Burmah Shell Oil Storage & Distribution Company of India.[5]

After Pakistan gained independence in 1947, the company was renamed as Burmah Shell Oil Distribution Company of Pakistan.[5]

During the 1950s, Shell Pakistan, then known as Burmah Shell, employed notable strategies for promoting kerosene oil, featuring popular singers such as Mohammed Rafi in their advertisements.[6]

In 1965, Shell sold half of its stake in Burmah Shell operating in East Pakistan.[7] Later, a new company was formed for East Pakistan named Burmah Eastern Limited which was listed on the stock exchange and the majority of its shareholding was held by Pakistanis.[7]

In 1970, it was listed on the Karachi Stock Exchange and the company was renamed as Pakistan Burmah Shell (PBS) Limited.[8] The Shell and Burmah Groups retained a 49 percent share, split evenly while National Investment Trust, a state-owned fund, owned a majority stake.[7]

In February 1993, during a period of economic liberalization, Burmah divested from PBS, allowing Shell Petroleum to increase its stake to 51 percent.[8] Over time, Shell Petroleum further increased its share to 77.42 percent in the early 2000s.[5] In 2024, Asyad Holding, a Saudi based group through UAE-based Wafi Energy Holding Limited acquired 77.42 percent shareholdings and control of Shell Pakistan Limited. [9]

Timeline

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  • 1947 Burmah Shell (Pakistan) (percentage ownership of Shell – 50%)
  • 1970 Pakistan Burmah Shell (percentage ownership of Shell – 24.5%)
  • 1993 Shell Pakistan Ltd. (percentage ownership of Shell – 51%)
  • 2000 Shell Pakistan Ltd. (percentage ownership by Shell – 59.7%)
  • 2002 Shell Pakistan Ltd. (percentage ownership by Shell – 76.1%)

Operations

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Aviation

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Shell used to provide jet fuel at five major airfields across Pakistan and was the second largest Jet fuel supplier in Pakistan until 2022 when it discontinued the operations in aviation sector.[10]

Lubricants

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It is the largest lubricant marketing company in Pakistan with over 20% share of the total lubricant market in the country. SPL's lubricant business is the second most profitable within Shell's Global Lubricant portfolio.[citation needed] The business is focused on sales of key Shell brands (Rimula, Helix & Advance) to high street traders and the transportation sector as well as heavy-duty brands to industrial customers and power sector customers.

Retail

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It is the second-largest oil marketing company (OMC) and the largest private OMC in Pakistan with a 25% share of the white-oils market. The Retail business comprises over 800 retail outlets.[citation needed]

Pak-Arab Pipeline Company Limited

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In August 2001, a new company called Pak-Arab Pipeline Company (PAPCO) was formed to construct and operate a critical 840 km white-oil pipeline for transportation of AGO from Karachi to depots in the centre and north of Pakistan. SPL has a 26% equity interest in PAPCO and the PAPCO's Chief Financial Officer remains a SPL nominee.[11]

Financial performance

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Shell Pakistan Financial Performance (2009-2023)
Year ended Revenue (PKR million) Operating income (PKR million) Net income (PKR million) Total assets (PKR million) Total equity (PKR million)
31 December 2009[12] Decrease177,110 Increase3,910 Increase2,563 Decrease33,653 Increase8,271
31 December 2010[13] Increase223,814 Decrease3,044 Decrease1,616 Increase38,497 Decrease7,900
31 December 2011[14] Increase247,507 Increase2,833 Increase906 Increase49,159 Increase8,258
31 December 2012[15] Decrease244,317 Decrease5 Decrease(2,083) Decrease44,895 Decrease6,178
31 December 2013[16] Increase287,992 Increase2,424 Increase1,061 Decrease40,595 Increase7,223
31 December 2014[17] Increase291,363 Decrease546 Decrease(1,067) Decrease38,678 Decrease5,895
31 December 2015[18] Decrease248,571 Increase2,345 Increase911 Decrease37,934 Increase5,981
31 December 2016[19] Decrease214,853 Increase5,705 Increase6,764 Increase42,510 Increase11,110
31 December 2017[20] Decrease206,758 Decrease4,323 Decrease3,183 Decrease38,893 Decrease10,198
31 December 2018[21] Decrease186,204 Decrease(60) Decrease(1,102) Increase49,116 Decrease6,353
31 December 2019[22] Increase199,719 Decrease(140) Decrease(1,486) Increase56,175 Decrease4,291
31 December 2020[23] Decrease165,140 Decrease(4,815) Decrease(4,821) Decrease54,645 Decrease(651)
31 December 2021[24] Increase249,210 Increase6,609 Increase4,467 Increase84,933 Increase15,321
31 December 2022[25] Increase412,699 Decrease2,915 Decrease(72) Increase101,732 Decrease14,597

Notes

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  1. ^ a b c d e "Shell Pakistan Annual Report 2022" (PDF). www.shell.com.pk.
  2. ^ Malik, Ahmed (1 November 2024). "Share capital of Shell Pakistan: Proposed name 'Wafi Energy Pakistan Ltd' approved". Brecorder.
  3. ^ Reporter, The Newspaper's Staff (1 November 2024). "Wafi Energy completes Shell Pakistan acquisition". DAWN.COM.
  4. ^ "Saudi Arabia's Wafi Energy Holding buys majority stakes in Shell Pakistan". gulfnews.com. 4 November 2024.
  5. ^ a b c d e f "Our History | Shell Pakistan". www.shell.com.pk.
  6. ^ Sheikh, Ali Tauqeer (29 June 2023). "The end of an era". DAWN.COM.
  7. ^ a b c Bamberg, James (2000). British Petroleum and Global Oil 1950-1975. Cambridge University Press. p. 258. ISBN 978-0-521-78515-0.
  8. ^ a b Pakistan & Gulf Economist. Economist Publications. 2007.
  9. ^ Report, Recorder (7 July 2024). "Saudi Group acquires majority stake in Shell Pakistan". Brecorder. Retrieved 23 July 2024.
  10. ^ Alam, Kazim (18 August 2022). "Shell Pakistan to stop aviation operations". DAWN.COM.
  11. ^ Alam, Kazim (15 June 2023). "Foreign sponsor plans exit from Shell Pakistan". DAWN.COM.
  12. ^ "Shell Pakistan Annual Report 2009" (PDF). Shell Pakistan. 31 December 2009. Retrieved 12 November 2023.
  13. ^ "Shell Pakistan Annual Report 2010" (PDF). Shell Pakistan. 31 December 2010. Retrieved 12 November 2023.
  14. ^ "Shell Pakistan Annual Report 2011" (PDF). Shell Pakistan. 31 December 2011. Retrieved 12 November 2023.
  15. ^ "Shell Pakistan Annual Report 2012" (PDF). Shell Pakistan. 31 December 2012. Retrieved 12 November 2023.
  16. ^ "Shell Pakistan Annual Report 2013" (PDF). Shell Pakistan. 31 December 2013. Retrieved 12 November 2023.
  17. ^ "Shell Pakistan Annual Report 2014" (PDF). Shell Pakistan. 31 December 2014. Retrieved 12 November 2023.
  18. ^ "Shell Pakistan Annual Report 2015" (PDF). Shell Pakistan. 31 December 2015. Retrieved 12 November 2023.
  19. ^ "Shell Pakistan Annual Report 2016" (PDF). Shell Pakistan. 31 December 2016. Retrieved 12 November 2023.
  20. ^ "Shell Pakistan Annual Report 2017" (PDF). Shell Pakistan. 31 December 2017. Retrieved 12 November 2023.
  21. ^ "Shell Pakistan Annual Report 2018" (PDF). Shell Pakistan. 31 December 2018. Retrieved 12 November 2023.
  22. ^ "Shell Pakistan Annual Report 2019" (PDF). Shell Pakistan. 31 December 2019. Retrieved 12 November 2023.
  23. ^ "Shell Pakistan Annual Report 2020" (PDF). Shell Pakistan. 31 December 2020. Retrieved 12 November 2023.
  24. ^ "Shell Pakistan Annual Report 2021" (PDF). Shell Pakistan. 31 December 2021. Retrieved 12 November 2023.
  25. ^ "Shell Pakistan Annual Report 2022" (PDF). Shell Pakistan. 31 December 2022. Retrieved 12 November 2023.

References

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