Shell Pakistan (SPL) announced Wednesday that its parent company, Shell Petroleum Company, would be exiting the South Asian nation after 75 years. It would sell its 77 per cent shareholding in the local business, which suffered massive losses in 2022 due to devaluation in the Pakistani rupee, exchange rates, overdue receivables and the ongoing economic crisis in Pakistan, Reuters reported.

British oil giant Shell dumps Pakistan after suffering massive losses in 2022

Shell has announced its plan to shift headquarters from the Netherlands to the United Kingdom to make major changes in its ownership and tax status.

Europe's largest energy company announces major changes

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British oil giant Shell dumps Pakistan after suffering massive losses in 2022

Europe's largest energy company announces major changes