JEDDAH: Aramco, Saudi Arabia’s leading integrated energy and chemicals company, has entered the Pakistani fuels retail market. The company finalized agreements to acquire a 40% stake in Gas & Oil Pakistan (GO) Ltd on Tuesday.
In an official statement, Yasser Mufti, Aramco’s Executive Vice President of Products & Customers, officially inked the agreement with Gas & Oil Pakistan (GO) founder and CEO, Khalid Riaz.
Gas & Oil Pakistan (GO) stands out as a diversified downstream operator, specializing in fuels, lubricants, and convenience stores. It currently holds a prominent position as one of the largest retail and storage companies in Pakistan.
The completion of the transaction is contingent upon meeting certain customary conditions, including obtaining regulatory approvals.
“This intended acquisition marks Aramco’s first entry into the Pakistani fuels retail market, aligning with the Company’s overarching strategy to fortify its international downstream value chain,” stated the Saudi oil giant.
Aramco’s Entry into Pakistani Market
The announcement highlighted that the transaction would empower Aramco to secure additional outlets for its refined products and create new market opportunities for Valvoline-branded lubricants, acquired by the company in February 2023.
“Our second planned retail acquisition this year aligns with Aramco’s downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading, and chemicals portfolio worldwide,” said Mohammed Al Qahtani, Aramco Downstream President.
“GO possesses significant storage capacity, high-quality assets, and growth potential, positioning it to launch the Aramco brand successfully in Pakistan,” he added.
