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Shell fuel card news: Shell Pakistan profits from rising oil prices

05 March, 10
Rising oil prices have helped Royal Dutch Shell's Pakistan unit post a profit.

Net income for the year was 2.56 billion rupees (£20 million), Shell Pakistan has said.

Inventory gains were booked by the Karachi - based company after the government raised fuel rates last year, Ahsan Amir Ali, research analyst at Invest & Finance Securities, told Bloomberg. Mr Ali recommends investors should buy the stock.

Pakistan reviews oil prices in the country to reflect global movements in markets. About 85 per cent of the oil used by the country is imported.

Shell Pakistan plans to pay 25 rupees a share in an end-of-year cash dividend.

Royal Dutch Shell has had a presence in Pakistan for over 100 years, since 1903 when the Shell Transport and Trading Company and the Royal Dutch Petroleum Company struck a partnership.

The company aims to "position itself as the preferred oil and gas company in Pakistan", according to its website.

Posted by James Richmond
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Shell fuel card news: Shell Pakistan profits from rising oil prices