a 26% equity interest in it. With the introduction of the deemed duty element in the oil products pricing mechanism in 2001, the refineries profitability has improved considerably. As 50% of its profits are mandated by the Government to be retained for upgrading/modernization, PRL is now embarking on major up-gradation projects including expansion and de-sulphurization. Pak-Arab Pipeline Company Limited In August 2001, a new company called Pak-Arab Pipeline Company (PAPCO) was formed to construct and operate a critical 840 km white-oil pipeline for transportation of AGO from Karachi to major markets in the centre and north of Pakistan. SPL has a 26% equity interest in PAPCO and the PAPCO's Chief Financial Officer remains a SPL nominee. The pipeline has been operational since Q1/2005 and is an important element in business continuity and transport safety in the sector. Corporate affairs Management Farooq Rehmatullah succeeded David M Weston in 2001, to become the first Pakistani national CEO of SPL. He retired in 2006. SPL Managing Directors Farooq Rehmatullah – April 2001-June 2006 Quentin D’Silva – May–August 2006 Zaiviji Ismail bin Abdullah – September 2006-July 2011 Sarim Sheikh – April 2011-July 2012 Omar Y Sheikh – June 2012 – July 2016 Jawwad A Cheema – August 2016 Zahra Shozab Ali – December 2020 – present Waqar I. Siddiqui is the CEO and managing director of Shell Pakistan Limited. Prior to this role, he has held several senior leadership roles within the Shell Group. He was the Consultancy Manager in the Downstream Strategy & Consultancy team, Customer Experience Manager managing Global Operational Excellence for Retail and Retail General Manager in Indonesia managing Retail's entry into this new market. Board of Directors Jawwad Ahmed Cheema (Chairman) Waqar I. Siddiqui (Managing Director & CEO) Faisal Waheed Rafi H Basheer Farrokh K Captain Imran R Ibrahim Nasser N S Jaffer Zaffar A Khan Haroon Rashid Badaruddin F Vellani Moon Hussain Klaas Mantel Shell Pakistan in 2012 Shell Pakistan Limited (SPL) has more than 850 retail stations in more than 330 cities, having 20% market share and is the largest foreign investor in Pakistan's oil marketing sector. Shell has been the leader in the lubricants sector since 2002, currently with more than 40% share of the organized sector. Shell's Commercial Fuels business (including commercial transport) is a significant opportunity for growth. Its aviation business supplies fuels to six key airports across Pakistan. Shell has 30% interest in the