ISLAMABAD: Pakistan’s Finance Minister, Ishaq Dar, addressed the speculations surrounding global energy giant Shell’s recent announcement of selling its shares in Pakistan. He clarified that Shell is not closing its business in the country but rather selling its shares to a global investor while assuring that the employees will continue their work.
During a press conference, Minister Dar emphasized that any decision made by Shell is bound to implement the government’s decisions. He stated that Shell’s intention to sell its shares did not involve transferring money abroad and dismissed the baseless speculations regarding the impact on the country.
The finance minister assured that the shares of Shell would remain in Pakistan and be transferred to another entity. He revealed that the government was aware of this decision a few months ago and explained that Shell is selling shares to various countries, including Germany and England. However, he emphasized that this action does not indicate the closure of business or job losses.
Chinese Banks Financing to Pakistan
Minister Dar also addressed the topic of financing by Chinese banks, highlighting that Pakistan has arranged to repay the money. He mentioned that the process typically takes weeks, but the last payment took months. With the fiscal year ending on June 30, the government contacted the Chinese banks and proposed to make the payment earlier to avoid last-minute complications.
Explaining the agreement, Dar stated that if the payment is made before the due date, the banks charge as per standard practice. Additionally, an agreement was reached with the banks to waive any charges. He reassured that external payments are being ensured and mentioned that Pakistan made a payment of $300 billion to China on Monday. The remaining amount will be rolled over within the next three to four days.
Minister Dar clarified that Shell Pakistan is not closing its business in the country and is only selling its shares to a global investor. He emphasized that this decision would have no adverse impact and assured that the government had been aware of the plan for several months.
