Pakistan advances NEV policy with Rs100bn subsidy
During the meeting, an in-depth discussion took place regarding the proposed Rs. 100 billion subsidy package aimed at promoting the use of electric vehicles in Pakistan. Haroon Akhtar Khan highlighted that Prime Minister Shehbaz Sharif's vision of this substantial subsidy reflects a commitment to the dual goals of public welfare and environmental protection.
Pakistan launches National Electric Vehicle Policy 2025-30
The SAPM noted that the successful implementation of the NEV Policy can play a vital role in reducing smog and air pollution across the country. He emphasized that it will not only help improve air quality but also significantly reduce Pakistan's reliance on imported oil, ultimately decreasing the nation's multi-billion-dollar oil import bill.
Haroon Akhtar Khan reaffirmed the government's commitment to a clean and prosperous Pakistan, stating, 'Our mission is a smog-free, pollution-free, and prosperous pakistan.' As part of the NEV Policy, he announced that electric vehicle charging stations will be set up nationwide to ensure convenience for the public and to encourage the transition towards clean and sustainable transportation.
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Wafi Energy Pakistan
Wafi Energy Pakistan Limited (formerly Shell Pakistan Limited) has released its first annual report under new ownership, marking a transition point for the company following its acquisition by Abu Dhabi-based Wafi Energy Holding Limited. The transaction, completed in October 2024, involved the purchase of a 77.42 percent stake from Shell Petroleum Company, followed by an additional 10.36 percent acquired from public shareholders, bringing Wafi's total holding to 87.78 percent. Despite the change in ownership and rebranding, Wafi Energy Pakistan continues to operate under the Shell name through an exclusive licensing arrangement for fuels and lubricants. The company's retail and lubricant operations remain largely unchanged in branding, while management has emphasized continuity in operations. The report highlights efforts to balance the legacy of the Shell brand with a shift toward regional ownership. While rebranding transitions of this nature often involve operational or reputational challenges, Wafi has so far focused on stabilizing its presence and setting the groundwork for localized growth, investment, and expansion in Pakistan's downstream energy sector. Financial Recovery and Performance Wafi Energy Pakistan's financial results for 2024 indicate a relatively stable transition under new ownership, with the company reporting revenues of Rs 427.9 billion and a profit after tax of Rs 3.3 billion. Pre-tax earnings stood at Rs 7.15 billion, aided in part by one-off credits linked to cost waivers during the transfer process from Shell Group entities. These results follow a period of volatility. Shell Pakistan had recorded back-to-back losses of Rs 1.5 billion in 2019 and Rs 4.8 billion in 2020, largely due to global oil market disruptions, inventory revaluation losses, and the impact of the COVID-19 pandemic. Since then, the company has shown signs of recovery, posting a profit of Rs 4.5 billion in 2021, followed by a marginal loss of Rs 72 million in 2022, and a profit of Rs 5.85 billion in 2023. The 2024 figures suggest financial resilience, though the outlook remains contingent on how the company adapts to market conditions without the backing of its former parent. The annual report also notes a gross profit of Rs 23.5 billion and a rise in shareholder equity from Rs 19.7 billion in 2023 to Rs 23.1 billion. Earnings per share came in at Rs 15.41, signaling shareholder returns in a year marked by structural change. Governance and Strategic Direction Wafi Energy Pakistan's board, chaired by Ghassan Al Amoudi, reported adherence to corporate governance standards in its latest annual disclosure, stating that there were no material deviations from regulatory protocols during the reporting period. While such declarations are routine, they serve to signal stability during what has been a significant ownership and branding transition for the company. Al Amoudi, in a statement accompanying the annual report, acknowledged the challenges of operating in a changing energy landscape but identified opportunities for growth in Pakistan's downstream sector. He also noted that the company's focus in the near term would remain on consolidation and execution of its strategic roadmap, particularly in retail and distribution operations. The parent entity, Wafi Energy Holding, has existing regional operations, including a licensing agreement with Shell Brands International AG that allows it to manage Shell-branded fuel stations in Saudi Arabia—an experience that could shape its operational approach in Pakistan as it navigates market competition and regulatory shifts. Retail and Consumer Services Wafi Energy Pakistan continues to operate a nationwide network of over 600 Shell-branded fuel stations. In 2024, the company expanded its retail footprint with the addition of 15 new outlets and upgrades at nine existing locations. These developments appear aimed at enhancing service delivery and aligning with rising demand in the retail fuel and mobility sectors. The company also reported growth in its convenience retail segment, reflecting broader shifts in consumer behavior toward faster, digitally enabled services. In line with this trend, Wafi Energy rolled out several marketing initiatives and entered into partnerships with platforms such as Oladoc and Faysal Bank, enabling features like contactless payments and bundled offerings at retail sites. In the lubricants segment, the company maintained its market presence through established product lines such as Shell Helix and Shell Rimula. A notable development was a strategic partnership with MG Motors, under which Shell Helix was named the official lubricant for MG vehicles in Pakistan—a move likely to reinforce brand visibility within a growing automotive segment. In response to ongoing concerns over counterfeit lubricant products, Wafi Energy launched an awareness campaign targeting both retailers and consumers, with the aim of promoting product authenticity and protecting brand integrity in key markets. Sustainability and Renewable Energy Projects Wafi Energy Pakistan has incorporated renewable energy and sustainability as central pillars of its post-acquisition strategy. A key development in this area was the solarization of its Karachi head office, which now operates on a 250 kW solar system producing around 387,000 kWh annually. Beyond its headquarters, the company has extended solar energy solutions to over 250 fuel retail sites nationwide. These systems are estimated to generate approximately 36 MWh of electricity each year, supporting station operations and helping to reduce reliance on the national grid. Terminals in Kemari, Daulatpur, Machike, and Shikarpur are among those now partially powered by solar installations. These initiatives align with Pakistan's national target of achieving 30 percent renewable energy generation by 2030 and reflect the expanding role of the private sector in supporting that goal. In addition to energy projects, Wafi Energy has also pursued environmental restoration efforts. In early 2025, the company sponsored the planting of 30,000 mangrove trees at Karachi's Clifton Urban Forest. The mangroves, which continue to be maintained by the company, contribute to biodiversity and coastal protection, and are estimated to sequester between 9 to 15 metric tons of carbon dioxide annually—based on an absorption rate of 0.3 to 0.5 kilograms per tree per day. In another sustainability-focused initiative, Wafi Energy partnered with Concept Loop to build a retail fuel station in Karachi using more than 6,500 kilograms of recycled plastic. Located on Shahrah-e-Faisal, the site repurposed an estimated 1.3 million pieces of plastic waste that would otherwise have contributed to landfill volumes. The project integrates environmental considerations into retail infrastructure and reflects a broader push toward incorporating circular economy practices within the company's operations. Community and Social Impact Wafi Energy Pakistan continued to advance its corporate social responsibility (CSR) initiatives in 2024, focusing on access to clean energy, road safety education, and community engagement. Through its 'Access to Clean Energy' program, the company extended support to four off-grid villages—Basti Tooba, Adam, Katimar, and Bullah Baloch—by installing solar-powered infrastructure such as water pumps, flour mills, and milk chillers. 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Broader safety awareness campaigns were also held, including one during Ramadan and another focused on visibility issues related to tractor-trolleys. The company's youth development efforts were reflected in the induction of 20 interns and 8 management trainees under its 'Powering Future Leaders' program. These placements are part of a broader strategy to cultivate a pipeline of talent aligned with future organizational needs. Looking Ahead As Pakistan's energy sector continues to undergo structural and policy shifts, Wafi Energy Pakistan occupies a unique position—retaining the familiarity of a globally recognized brand while operating under new regional ownership. The company's recent financial recovery, visible investments in sustainability, and increased community outreach suggest a more localized and measured approach to operating in a complex and often unpredictable market. 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