ISLAMABAD, June 17 -- Shell Pakistan said that it has agreed to sell its liquefied petroleum gas (LPG) business to OPI Gas (Private) Limited, local media reported Thursday.
OPI Gas will acquire 67.91 percent shareholding in Shell Gas LPG, Shell Pakistan said in a statement on Wednesday without disclosing details of the agreement.
"The sale of Shell's share in Shell Gas Pakistan Limited is consistent with the Shell Group's strategy to concentrate its global downstream footprint on a smaller number of assets and markets," said the statement.
Shell has a quota of 80 tons of LPG per day from Pak Arab Refinery Company (PARCO), Pakistan Refinery Limited (PRL), and National Refinery Limited (NRL). The deal has been sealed at 500 million rupees (about 5.9 million U.S. dollars), local newspaper The News reported.
Earlier this year, Shell decided to divest shares in its LPG marketing arm in Pakistan after 44 years of operations as part of global strategy to focus on upstream petroleum exploration business.
Shell Gas reported a 73.8 percent decline in profit for October- December quarter of 2009 compared with same period of previous year.
OPI Gas distributes and markets liquefies petroleum gas. It is a subsidiary of the Hashoo Group, one of Pakistan's largest conglomerates with interests in real estate, hospitality, travel services, chemicals, oil and gas.
OPI Gas will acquire 67.91 percent shareholding in Shell Gas LPG, Shell Pakistan said in a statement on Wednesday without disclosing details of the agreement.
"The sale of Shell's share in Shell Gas Pakistan Limited is consistent with the Shell Group's strategy to concentrate its global downstream footprint on a smaller number of assets and markets," said the statement.
Shell has a quota of 80 tons of LPG per day from Pak Arab Refinery Company (PARCO), Pakistan Refinery Limited (PRL), and National Refinery Limited (NRL). The deal has been sealed at 500 million rupees (about 5.9 million U.S. dollars), local newspaper The News reported.
Earlier this year, Shell decided to divest shares in its LPG marketing arm in Pakistan after 44 years of operations as part of global strategy to focus on upstream petroleum exploration business.
Shell Gas reported a 73.8 percent decline in profit for October- December quarter of 2009 compared with same period of previous year.
OPI Gas distributes and markets liquefies petroleum gas. It is a subsidiary of the Hashoo Group, one of Pakistan's largest conglomerates with interests in real estate, hospitality, travel services, chemicals, oil and gas.
