ISLAMABAD: Wafi Energy Holding Limited has become the majority shareholder of Shell Pakistan Limited (SPL) after Shell Petroleum Company Limited, a subsidiary of global Shell plc (Shell), completed the sale of its 77.42 percent interest in SPL, a statement from the group said on Thursday.
Wafi Energy, an established Saudi company and an affiliate of the Asyad Group, now holds approximately 87.78 percent of the total issued share capital of SPL. The Shell brand will remain in Pakistan through retail and brand licensing agreements, with SPL as the exclusive brand licensee.
“Wafi Energy is excited to announce its entry into Pakistan by acquiring majority ownership of Shell Pakistan Limited. This marks a significant milestone in the Asyad Group’s commitment to expanding its presence in Pakistan and the region,” Ghassan Amoudi, CEO of Asyad Holding Group and incoming Chairperson of SPL, said.
“As the exclusive Shell Licensee, we are delighted that the Shell brand remains in Pakistan. This continuation builds on a strong legacy, supported by a team of highly skilled professionals who ensure customers have access to Shell’s premium fuel and lubricant offerings, all delivered with the highest safety and security standards.”
Waqar Siddiqui, the Chief Executive and Managing Director of Shell Pakistan Limited,said the company would continue to build a “sustainable energy future for Pakistan, combining Wafi Energy’s commitment to growth and investment and Shell’s strong legacy of innovation and trust in the country.
“This new chapter offers Shell Pakistan Limited the opportunity to build upon this strong foundation, ensuring the continued delivery of quality products to their valued customers.”
SPL is one of the oldest multinationals in Pakistan with a network of 600+ sites, countrywide storage facilities and a broad portfolio of global lubricant brands.
Shell has endeavored to support Pakistan’s developmental priorities, from developing and distributing energy by land, air and sea, to providing petroleum products for the construction of mega projects like the Mangla Dam and Kotri Barrage, expanding the country’s growing road infrastructure, to powering the first flights of Pakistan International Airlines, and supporting the next generation of innovative entrepreneurs in Pakistan.
Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan
https://arab.news/jf37m
Saudi Arabia’s Wafi Energy becomes majority shareholder in Shell Pakistan
- Wafi Energy, an affiliate of Asyad Group, holds approximately 87.78% of the total issued share capital of SPL
- SPL has a network of 600+ sites, countrywide storage facilities and broad portfolio of global lubricant brands
Pakistan repels Afghan-based militant incursion amid escalating tensions — security sources
- Sources accuse Afghan Taliban of ‘persistently assisting’ armed militants instead of apprehending them
- They say no fatalities happened on Pakistan’s side, but over 15 militants and Afghan Taliban were killed
KARACHI: Pakistan’s security forces thwarted an attempted cross-border incursion by militants allegedly facilitated by Afghan Taliban authorities, security sources said on Saturday after Afghanistan’s defense ministry claimed its forces targeted several locations in Pakistan in response to airstrikes earlier this week.
Pakistan has repeatedly accused Kabul of sheltering Tehreek-e-Taliban Pakistan (TTP) militants and has urged Afghan officials not to allow armed factions to use their soil to target neighboring states. Afghan authorities deny these allegations, saying Pakistan’s security challenges are its internal matter.
On Thursday, Afghan authorities reported airstrikes by Pakistan’s military in an eastern border town that they said had killed 46 people. The strikes came days after the TTP claimed responsibility for killing 16 Pakistani soldiers near the Afghan border.
“On the night of December 27-28, 20 to 25 khawarij [TTP militants], using Afghan Taliban border posts, attempted to infiltrate Pakistan at two locations in Kurram and North Waziristan,” Pakistani security sources said. “Pakistani forces acted promptly, thwarting the incursion.”
They reported yet another incursion in the morning, saying it was also repelled.
“In retaliation, khawarij and Afghan Taliban jointly opened unprovoked heavy fire on Pakistani posts,” they added.
Pakistan’s forces responded decisively, reportedly inflicting significant losses on the attackers.
“Initial reports indicate that over 15 khawarij and Afghan Taliban personnel were killed, with many others injured,” the sources said. “Effective counter-fire forced the Afghan Taliban to abandon six posts.”
No fatalities were reported on the Pakistani side, though three soldiers sustained injuries. Security sources also noted Afghanistan’s unwillingness to control TTP elements operating freely on its soil, saying it strained bilateral relations.
“Instead of curbing these terrorist elements, the Afghan Taliban persistently assist them,” the sources maintain. “TTP militants operate with impunity in Afghanistan, using its territory for anti-Pakistan activities.”
Pakistan launches landmark trade route linking China to UAE via Khunjerab Pass
- Consignment from China is expected to reach the UAE in 10 days as compared to 30 days via sea-route
- Traders welcome the development, hoping the arrangement will turn Pakistan into a major hub of trade
KHAPLU, Gilgit-Baltistan: In a first, Pakistan’s National Logistics Corporation (NLC) has launched its maiden multimodal Transports Internationaux Routiers (TIR) transportation, linking China to the United Arab Emirates via the Khunjerab Pass, in a move hailed as a “good omen” for Pakistan’s trade and logistics sectors.
The TIR system, an international customs transit framework, streamlines cross-border trade by enabling goods to move through multiple countries with minimal customs interference.
At over 4,600 meters above sea level, the Khunjerab Pass connects Pakistan’s Gilgit-Baltistan region with China’s Xinjiang province, serving as a strategic gateway for trade between South Asia and Europe.
The pass, situated in the Karakoram Range, has only facilitated bilateral trade in the past, with China primarily importing textiles, agricultural products and daily commodities, while exporting plants and herbs.
“This achievement signifies a major leap forward in the operationalization of the China-Pakistan Economic Corridor (CPEC), utilizing the shortest and most efficient route from China to the Gulf region via Pakistan,” the NLC said in a statement.
“This milestone also reflects a significant step toward ensuring year-round functionality of the Khunjerab Pass, a vital gateway for regional trade,” it added.
The NLC said the journey commenced with one of its trucks, laden with electronic equipment, departing from Kashgar, China, en route to the Jebel Ali Port in Dubai. The first stop was at NLC Dry Port in Sost, where a ceremony marked the historic occasion, it added.
“The cargo container, after being transported via NLC trucks from Kashgar to Karachi, will embark on the sea leg of its journey to its final destination at Jebel Ali Port,” the statement informed.
The consignment from China is expected to reach the UAE in 10 days as compared to 30 days via sea-route.
Traders and local business leaders associated with the Khunjerab Pass welcomed the launch.
“This is a good omen for Pakistan’s economy,” Imran Ali, a former president of the Gilgit-Baltistan Chambers of Commerce, told Arab News over the phone, adding it would particularly benefit the traders in the region and the local community.
“Pakistan will become a major trade hub as China gets access to the Middle East through this route,” he continued. “The economic activities in Gilgit-Baltistan and Gwadar will get a boost and unemployment will end in the region.”
Muhammad Iqbal, president of the Gilgit-Baltistan Importers and Exporters Association, agreed with him.
“The launching of TIR between China and the Middle East through Pakistan will change the fate of the country,” he told Arab News. “The country will make more revenue and the economic conditions of traders and locals will improve.”
According to the Gilgit-Baltistan Collectorate of Customs, a record revenue of Rs9.5 billion ($34.87 million) was collected from the Sost Dry Port during the first two quarters of the fiscal year 2024-25, compared to Rs6.5 billion ($23.4 million) during the same period last year.
Additionally, the anti-smuggling team confiscated goods worth Rs600 million ($2.16 million).
Rain washes out first session on Day 3 of first test between South Africa and Pakistan
- South Africa wants a victory for a place in next year’s World Test Championship final
- The host team claimed a 90-run lead after Markram and Bosch scored half centuries
CENTURION, South Africa: Rain delayed the start of the third day’s play in the first cricket test between South Africa and Pakistan with no play possible before lunch on Saturday.
The entire first session was washed out at SuperSport Park with Pakistan scheduled to resume its second innings at 88-3 – still trailing South Africa by two runs.
South Africa has plenty of time left to press its bid for a place in next year’s World Test Championship (WTC) final.
The home team needs to win one of the two test matches against Pakistan for a guaranteed place in next June’s WTC final at Lord’s.
South Africa claimed a 90-run first innings lead on the back of half centuries from Aiden Markram and debutant Corbin Bosch, who smashed an unbeaten 81 on a dream debut.
Bosch's scintillating knock, which featured 15 fours, was the highest score by a No. 9 batter on debut in test history.
Pakistan had been bowled out for 211 as Bosch claimed a wicket with his first ball and finished with impressive figures of 4-63.
Paceman Dane Paterson took 5-61 on a wicket where both teams have packed their line-ups with four fast bowlers each, going into the game without a specialist spinner.
Afghanistan says its forces targeted ‘several points’ in Pakistan in retaliation for this week’s airstrikes
- The skirmishes mark the latest spike in hostilities on the frontier between Afghanistan and Pakistan
- A Pakistani defense source says fighting along the border led to ‘heavy casualties’ on the Afghan side
KARACHI: Afghan Taliban forces targeted “several points” in neighboring Pakistan in retaliation for Pakistani airstrikes this week, Afghanistan’s defense ministry said on Saturday, marking the latest surge in hostilities along the disputed frontier between the two nations.
The Durand Line, established as the boundary between Afghanistan and British India in 1893, has been a persistent source of contention, with no Afghan government ever recognizing it as an international border. Tensions along this frontier further escalated since the Taliban takeover of Kabul in 2021, further straining relations between the two countries.
The Afghan defense ministry statement did not mention Pakistan, but said the strikes were conducted “beyond the assumptive lines,” an expression used by the authorities in Kabul to refer to the country’s border with Pakistan.
A Pakistani security source acknowledged the attack, saying the skirmishes had injured three soldiers and resulted in “heavy casualties” on the Afghan side.
“Several points beyond the assumptive lines where the attacks in Afghanistan were organized and coordinated from wicked elements’ hideaways, centers and supporters; were targeted in retaliation from the southern side of the country,” the Afghan defense ministry said on X.
The Pakistani security source said around 20-25 members of “Fitna Al-Khwarij,” a reference to the banned Tehreek-e-Taliban Pakistan (TTP), attempted to infiltrate Pakistan’s border in Kurram and North Waziristan districts while “using border posts of the Afghan Taliban.”
The TTP leadership is reportedly based in Afghanistan. Pakistan has frequently accused the Taliban government of facilitating attacks by the militant network against its security forces and civilians, urging Kabul to prevent its territory from being used by such armed factions.
The Afghan Taliban, however, deny these allegations, asserting that Pakistan’s security problems are internal matters that require attention from the Islamabad government.
“Upon failure of the infiltration attempt, TTP members and the Afghan Taliban [forces] opened fire on Pakistani posts using heavy weapons early morning on Dec. 28,” the Pakistani security source said. “Pakistani forces retaliated to this unprovoked fire and there were reports of deaths of more than 15 TTP members and Afghan Taliban forces.”
The border skirmish followed Pakistan’s reported airstrikes in an eastern town of Afghanistan, which targeted alleged TTP hideouts, amid allegations by Pakistani officials of cross-border militant attacks.
Afghan authorities claimed the victims of the strikes included residents from Pakistan’s border regions, who were uprooted during military operations against TTP fighters in recent years, with the United Nations (UN) expressing concern over civilian casualties and urging an investigation.
The Pakistan military, however, pledged to dismantle “terrorist networks” to safeguard its citizens, without acknowledging the airstrikes.
Pakistan weekly inflation increases for third week in a row
- Pakistan’s annual consumer inflation slowed to 4.9 percent in November, lower than the government’s forecast
- Major increase observed in prices of chicken, tomatoes, sugar, vegetable ghee, liquefied petroleum gas and soap
ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), has risen to 5.08 percent in Pakistan on a year-on-year basis, the country’s statistics bureau said this week, with an increase observed in prices of edible items.
The SPI, which comprises 51 essential items collected from 50 markets in 17 cities, is computed on a weekly basis to assess the price movement of essential commodities at shorter interval of time so as to review the price situation in the country.
The SPI for the week ending on Dec. 26 increased by 0.80 percent as compared to the previous week, according to the Pakistan Bureau of Statistics (PBS). This is the third time short-term has increased in the South Asian country. Weekly inflation last decreased by 0.34 percent in Pakistan in the week ending on Dec. 5.
“During the week, out of 51 items, prices of 17 (33.33 percent) items increased, 10 (19.61 percent) items decreased and 24 (47.06 percent) items remained stable,” it said in a report.
Major increase was observed in prices of chicken (22.47 percent), tomatoes (20.75 percent), sugar (2.19 percent), vegetable ghee 1 kilogram (1.17 percent), firewood (0.95 percent), cooking oil 5 liter (0.74 percent), cooked beef and mustard oil (0.69 percent) each, liquefied petroleum gas (0.18 percent) and washing soap (0.09 percent).
The items that recorded a decrease in prices included onions (8.13 percent), potatoes (2.38 percent), bananas (0.68 percent), rice (0.50 percent) and eggs (0.30 percent).
Pakistan’s annual consumer inflation slowed to 4.9 percent in November, lower than the government’s forecast, according to the PBS. The finance ministry had projected inflation would slow to 5.8 percent-6.8 percent in November and ease to 5.6 percent-6.5 percent in December.
Consumer inflation cooled from 7.2 percent in October, a sharp drop from a multi-decade high of nearly 40 percent in May 2023.
