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Competition commission approves Saudi group Asyad’s acquisition of Shell Pakistan 

Competition commission approves Saudi group Asyad’s acquisition of Shell Pakistan 
Petrol station workers wearing facemasks wait for customers next to petrol pumps in Islamabad, Pakistan, on April 22, 2020. (AFP/File)
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Updated 07 July 2024
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Competition commission approves Saudi group Asyad’s acquisition of Shell Pakistan 

Competition commission approves Saudi group Asyad’s acquisition of Shell Pakistan 
  • Shell’s parent company announced exit from Pakistan last year after selling 77.42 percent of shares to Asyad’s affiliate Wafi Energy
  • Competition Commission of Pakistan chairman says acquisition to elevate service standards in country’s retail fuel supply chain 
Updated 07 July 2024
Kashaf Rehman
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ISLAMABAD: The Competition Commission of Pakistan (CCP) on Saturday approved Saudi Group Asyad Holding’s acquisition of Shell Pakistan through UAE-based Wafi Energy Holding Limited, saying the move would boost the country’s retail oil sector. 

Shell Petroleum Company announced its exit from Pakistan in June 2023 with the sale of 77.42 percent shareholding in the local business to Wafi Energy. The move came after Shell made several announcements about its global operations and after Shell Pakistan suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables. 

Wafi Energy is a wholly-owned affiliate of Asyad Holding Group, a fuel retailer in Saudi Arabia. Shell Pakistan’s operations include more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26 percent shareholding in Pak-Arab Pipeline Company Limited.

“The Competition Commission of Pakistan (CCP) has approved the acquisition under Section 11 of the Competition Act, 2010, thus solidifying the said transaction to boost the retail oil sector in Pakistan,” the CCP said in a press release. 

The CCP said Shell Pakistan maintains a “substantial business footprint” in the retail supply of motor fuels and lubricants across Pakistan. It also noted that Wafi Energy specializes in managing and operating fuel stations in Saudi Arabia.

The commission said its first assessment phase identified retail fuel, vehicle lubricants and industrial lubricants as the relevant product markets. 

“It was also revealed that Shell Pakistan has distinct shares in all three relevant markets but that will remain unchanged post-transaction,” the CCP said. 

“The analysis further confirmed that Wafi Energy Holding Limited will not gain a dominant position in the relevant markets even after attaining the direct control of Shell Pakistan.”

 While signing the order, CCP Chairman Dr. Kabir Ahmed Sidhu said the move is expected to boost competition by elevating service standards in the retail fuel supply chain and contribute immensely to flourishing Pakistani markets.
 

Topics: Shell Petroleum Company

Pakistan to host England, New Zealand and Zimbabwe women's cricket teams in 2026/27

Pakistan to host England, New Zealand and Zimbabwe women's cricket teams in 2026/27
Updated 11 min 41 sec ago
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Pakistan to host England, New Zealand and Zimbabwe women's cricket teams in 2026/27

Pakistan to host England, New Zealand and Zimbabwe women's cricket teams in 2026/27
  • Zimbabwe to tour Pakistan in Apri-May 2025, New Zealand to tour country in April 2027
  • Pakistan will travel to South Africa, Sri Lanka and the West Indies in 2026 for cricket contests
Updated 11 min 41 sec ago
Arab News Pakistan

ISLAMABAD: Pakistan will host New Zealand, Zimbabwe and England women’s cricket teams for the first time in 2026 and 2027, the Pakistan Cricket Board (PCB) said this week, saying that the tours were part of the International Cricket Council’s (ICC) Future Tours Programme 2025-29. 

Zimbabwe women’s team will tour Pakistan in April-May 2026 while New Zealand will be visiting the country in April 2027, the PCB said in a statement. The English women’s cricket team will tour Pakistan in October 2027 while Bangladesh will be the fourth side to tour the country in October 2028. 

“Pakistan will host England, New Zealand and Zimbabwe women’s cricket teams for the first time as ICC announced Future Tours Programme 2025-29,” the PCB said in a press release on Monday. 

Eleven countries will participate in the fourth cycle of the ICC Women’s Championship being played from 2026-29 to directly qualify for the ICC Women’s 50-over World Cup in 2029, it said, adding that each team will compete against eight other teams in eight home and away matches. 

The fourth cycle of the ICC Women’s Championship, which will be played from 2026-29, will see 11 sides taking part in the event for direct qualification to the ICC Women’s 50-over World Cup in 2029. 

In the Women’s Championship, each team will compete against eight other teams, following the format of four home and four away series, similar to the current edition. Across 44 series, a total of 132 ODIs will be played, with each series consisting of three matches.

“The Future Tour Programme will see an ICC Women’s tournament taking place every year, starting with the ICC Women’s Cricket World Cup 2025 in India, the ICC Women’s T20 World Cup 2026 in England, the inaugural ICC Women’s Champions Trophy in 2027 and the ICC Women’s T20 World Cup in 2028,” the PCB added.

Pakistan will travel to South Africa in February 2026 and then play Sri Lanka in July of the same year as part of their away assignments, the board said. In November 2026, Pakistan will visit the West Indies while their final away series in the ICC Women’s Championship 2026-29 cycle will be in Ireland in June 2028.
 

Topics: Pakistan England New Zealand Zimbabwe Cricket Arab News Pakistan

Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year

Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year
Updated 05 November 2024
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Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year

Saudi Arabia, UAE invest $26.8 million in Pakistan in first quarter of current fiscal year
  • Foreign investment surged by 48 percent in first quarter of current fiscal year
  • Pakistan, Saudi Arabia signed agreements worth $2.8 billion last month
Updated 05 November 2024
Hasaan Ali Khan

ISLAMABAD: Pakistan’s foreign investment has surged by 48 percent during the first quarter of the current fiscal year, state-run media reported on Tuesday, with Saudi Arabia and the United Arab Emirates (UAE) contributing $26.8 million during the same period.

Pakistan formed the Special Investment Facilitation Council (SIFC), a hybrid civil and military body, in 2023 to fast-track decisions related to foreign investment in its key economic sectors such as agriculture, mining, minerals, tourism and others. The development took place as Pakistan grappled with a prolonged economic crisis that almost led the country to suffer a sovereign default before a critical $3 billion bailout by the International Monetary Fund (IMF) last year averted the crisis.

As per a breakdown shared by state broadcaster Radio Pakistan, China invested $404 million during the first quarter of the current fiscal year while Saudi Arabia’s investment was recorded at $ 1.8 million. The UAE, meanwhile, invested $25 million, Hong Kong $98 million, the United Kingdom $72 million and the United States $28 million in the same period, the state broadcaster said.

“A significant increase of forty eight percent has been seen in foreign investment in Pakistan in the first quarter of current fiscal year, reflecting the effective strategies of the Special Investment Facilitation Council,” Radio Pakistan said.

Pakistan’s Prime Minister Shehbaz Sharif visited Saudi Arabia and Qatar last week, where he held talks with the leadership of the two countries on enhancing cooperation in trade, investment and energy. Pakistani and Saudi businesses had signed 27 agreements and memorandums of understanding (MoUs) worth $2.2 billion in October. During Sharif’s visit to the kingdom last week, the two countries agreed to enhance that figure to $2.8 billion.

Meanwhile, the UAE is Pakistan’s third-largest trading partner after China and the United States. It is also an ideal export destination for the South Asian nation as the short distance between the two countries limits transportation costs and facilitates commercial exchanges.

Sharif has actively pursued economic diplomacy in the region in recent months, seeking more investments and enhancing trade and regional connectivity for Pakistan. The South Asian country has sought to leverage its position as a transit and trade hub connecting landlocked Central Asian countries with the rest of the world and also pushed for mutually beneficial economic partnerships with Gulf countries.

Topics: Pakistan Saudi Arabia ties Pakistan UAE ties Saudi investment in Pakistan Special Investment Facilitation Council (SIFC) SIFC

Security guard shoots and injures two Chinese nationals at Karachi factory — police

Security guard shoots and injures two Chinese nationals at Karachi factory — police
Updated 05 November 2024
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Security guard shoots and injures two Chinese nationals at Karachi factory — police

Security guard shoots and injures two Chinese nationals at Karachi factory — police
  • Incident follows two Chinese nationals killed in suicide bombing in Karachi last month
  • Beijing has recently publicly spoken out about security threats to its nationals in Pakistan
Updated 05 November 2024
NAIMAT KHAN

KARACHI: A security guard at a factory in the southern Pakistani city of Karachi shot and injured two Chinese nationals on Tuesday, police said, in an incident that is likely to put further strain on recently fraying relations between Islamabad and longtime ally Beijing.

China, breaking with tradition, has recently publicly spoken out against security threats to its workers and nationals living in Pakistan, where hundreds of them work on Beijing-funded projects linked to the over $60 billion China-Pakistan Economic Corridor (CPEC). 

Last month, two Chinese nationals were killed in a suicide bombing near the international airport in Karachi. In March this year, a suicide bombing killed five Chinese engineers and a Pakistani driver in northwestern Pakistan as they headed to the Dasu Dam, the biggest hydropower project in the country. In 2022, three Chinese educators and their Pakistani driver were killed when an explosion ripped through a van at the University of Karachi. A blast on a bus killed 13 people in north Pakistan in 2021, including nine Chinese nationals.

The latest shooting took place at a factory in Karachi’s SITE industrial area, after which two injured Chinese citizens were rushed to Liaquat National Hospital.

Deputy Inspector General of Police South, Syed Asad Raza, said the factory guard opened fire at the Chinese nationals after an argument. He did not name the factory, specify whether the Chinese nationals were employees there or what the argument was about. 

“According to preliminary investigation, the guard opened fire after a heated argument with the Chinese nationals, leaving two Chinese citizens injured,” Raza told Arab News. 

“Two Chinese nationals have been brought to hospital. Both are under treatment,” Dr. Amjad Rizvi, a hospital spokesman, told Arab News. 

Sindh Home Minister Zia ul Haq Lanjar has directed police to conduct a “thorough investigation,” his office said. 

Pakistan said in a joint statement last month it had agreed to increase security for Chinese citizens and projects in the South Asian nation, as Beijing called for urgent security measures following an escalation in militant threats in the country.

China has pumped billions of dollars into Pakistan over the years building infrastructure under the Belt and Road Initiative, while also running a strategic port and a major mine in the country.

Topics: Chinese nationals in Pakistan Pakistan China Ties

Toxic smog wreathes India’s capital, Pakistan’s Lahore as winter nears

Toxic smog wreathes India’s capital, Pakistan’s Lahore as winter nears
Updated 05 November 2024
Reuters
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Toxic smog wreathes India’s capital, Pakistan’s Lahore as winter nears

Toxic smog wreathes India’s capital, Pakistan’s Lahore as winter nears
  • Punjab government has blamed pollution wafting in from India for Lahore’s worsening air quality 
  • Authorities in Punjab have taken emergency measures in wake of unprecedented pollution levels
Updated 05 November 2024
Reuters

NEW DELHI: A toxic smog shrouded the Indian capital on Tuesday, driving air quality in some areas into the “severe” range ahead of winter, when cold air traps pollutants and brings a spike in respiratory illnesses.

The mix of smoke, emissions, and dust is an annual problem for authorities in New Delhi, with vehicles, construction dust, and smoke from farm fires in the adjoining northern states of Punjab and Haryana among the major contributors.

“The outlook for the subsequent six days: the air quality is likely to be in the ‘very poor’ to ‘severe’ category,” said the earth sciences ministry.

The city’s overall score on an air quality index kept by India’s top pollution authorities was ‘very poor’ at 384, the ministry added, and was likely to stay there until Thursday.

An index range of 401 to 500 falls into the ‘severe’ category, implying it affects healthy people, but is more serious for those already fighting disease.

Ministry data showed farm fires have increasingly swelled the pollution over the last three days, for a share of more than 23 percent on Monday, from about 15 percent on Saturday.

About a third of the city’s 39 monitoring stations showed a ‘severe’ score of more than 400 on Tuesday, said the Central Pollution Control Board (CPCB), well short of an air quality score of zero to 50 that it rates as ‘good’.

Swiss group IQAir also rated Delhi the world’s second most polluted city on Tuesday, after Lahore in neighboring Pakistan, where authorities also took emergency measures in the wake of Sunday’s unprecedented pollution levels.

The government in the eastern province of Punjab, home to Lahore, has blamed deteriorating air quality on pollution wafting in from India, an issue it has vowed to take up with its neighbor through the foreign ministry.

Topics: smog Pakistan India Pollution Winters Arab News Pakistan

Pakistan, Uzbekistan businesses explore joint ventures in Tashkent meeting

Pakistan, Uzbekistan businesses explore joint ventures in Tashkent meeting
Updated 05 November 2024
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Pakistan, Uzbekistan businesses explore joint ventures in Tashkent meeting

Pakistan, Uzbekistan businesses explore joint ventures in Tashkent meeting
  • The business-to-business meetings spanned a variety of industries, including textiles, food processing, engineering and logistics
  • Pakistan is seeking to promote closer economic ties with regional and international allies to bolster its fragile $350 billion economy
Updated 05 November 2024
SAIMA SHABBIR

ISLAMABAD: Representatives of more than two dozen Pakistani companies and over one hundred leading Uzbek enterprises met in Tashkent and discussed joint projects in diverse sectors, the Pakistani commerce ministry said on Monday.

The discussions took place at the Uzbek-Pakistani Business Forum, complementing the 9th intergovernmental commission meeting on economic cooperation between Uzbekistan and Pakistan, according to the Pakistani ministry.

These business-to-business (B2B) meetings spanned a variety of industries, including textiles, food processing, engineering and logistics, underscoring the shared commitment of both nations to explore collaborative business opportunities.

Addressing the forum, Pakistan’s Commerce Minister Jam Kamal Khan highlighted Pakistan’s investment-friendly environment and encouraged Uzbek businesses to consider collaborative projects in Pakistan.

"He emphasized that such interactions pave the way for deepened commercial ties and contribute to regional economic stability," the commerce ministry said.

Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov echoed these sentiments, welcoming Pakistani enterprises and emphasizing the Uzbek government’s commitment to fostering a supportive atmosphere for international partnerships.

"Initiatives like the Business Forum play a crucial role in propelling trade and investment forward, creating new opportunities for entrepreneurs," he was quoted as saying.

The development comes as Pakistan seeks to enhance regional connectivity with landlocked Central Asian states by providing them access to its warm water ports. It recently offered Central Asian states to become part of the China-Pakistan Economic Corridor project, under which Beijing has pledged around $65 billion in energy, infrastructure and other projects in Pakistan.

The South Asian country narrowly avoided a sovereign default last year and has since sought to promote closer economic ties with regional and international allies to bolster its fragile $350 billion economy, which has been suffering from a prolonged macroeconomic crisis.

Topics: Pakistan Uzbekistan Ties Pakistan Tashkent

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