Shell Plc has decided to exit Pakistan in a setback for the South Asian nation that is going through its worst economic crisis.
The oil giant has informed Shell Pakistan Ltd. about its intent to sell its 77.42% stake and also 26% ownership of Pak-Arab Pipeline Co., it said in a statement. It is seeing strong interest from international buyers.
The sale comes as Shell executes a strategy under new Chief Executive Officer Wael Sawan to increase returns to shareholders and cut businesses that aren’t making enough money. It is also selling its stake in a gas project in Australia and exiting its home energy retail unit in Europe.
Read the full story on Bloomberg here.