KARACHI, May 19: Shell Pakistan Limited (SPL) is going ahead with its investment programme of $20 million this year despite 19 minor blasts on its outlets in various parts of the city in early hours of Thursday.

SPL will invest in retail network, quality of road tanker, standard and quality of tankers, health, information technology safety, infrastructure, environment, social sector and CNG stations.

“The company will add 100 new petrol pumps all over the country besides setting up 25 compressed natural gas (CNG) stations this year,” Chairman and Managing Director, SPL, Farooq Rahmatullah told Dawn on Monday. Shell currently has a total 1,200 petrol pumps and 50 CNG stations.

“Our investment plans are still intact. There is no change in it. Certainly there will be no change or no cutback in investment plans despite an ugly incident of bomb blasts at company’s 19 retail outlets in a single day,” he said.

The company, which employs 25,000 people, is investing $3 million more this year as compared to $17 million investment in 2002, he added.

Answering a question about immediate reaction of Anglo-Dutch Shell Company, he said, “the company is naturally concerned about life of people and consumers but the principals are confident of country’s economic future and positive developments in oil sector,” he added.

“Despite 19 blasts at the retail outlets the Anglo-Dutch wants to expand its business in Pakistan in oil products,” the SPL chairman said.

“Our investment plans are on long-term basis instead of short term,” Farooq said that the company had invested a total of $45 million in 2002 which also include investment in white oil pipeline project (WOPLP) and $7 million in information technology.

In February 2002, Shell Petroleum Company UK, has increased its investment in Shell Pakistan Limited by purchasing an additional 5.744 million shares at a cost of $22.3 million. Shell Pakistan is the second largest equity holder with a 26 per cent shareholding in the $480 million pipeline project.

He termed the blasts at retail outlets as a minor incident, saying that these kind of incidents also occur in various parts of the world but it will definitely not affect company’s investment plans. “It is up to the government to address the problem of law and order,” he said adding that security has been beefed up at the head office and all its gasoline stations. Law enforcement agencies have been in close contact with the company and monitoring the situation on daily basis.

Shell currently holds 39 per cent market share in petrol followed by 30 per cent in diesel, 44 per cent in lubricants, 35 per cent in jet fuel and 10-12 per cent in furnace oil.