Saudi Aramco secures 40% equity stake in Gas & Oil Pakistan

JEDDAH: Aramco, the leading integrated energy and chemicals company in Saudi Arabia, is set to enter the Pakistani fuels retail market as it signed definitive agreements to acquire a 40 percent stake in Gas & Oil Pakistan (GO) Ltd, ARY News reported on Tuesday.  

According to a statement, Aramco Executive Vice President of Products & Customers, Yasser Mufti, signed the agreement with Gas & Oil Pakistan (GO) founder and CEO Khalid Riaz.

GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in Pakistan.

The transaction is subject to certain customary conditions, including regulatory approvals.

“The planned acquisition is Aramco’s first entry into the Pakistani fuels retail market, advancing the Company’s strategy to strengthen its downstream value chain internationally,” said the Saudi oil giant.

The statement noted the transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants, which the company acquired in February 2023.

Mohammed Y. Al Qahtani, Aramco Downstream President, said, “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.”

“GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan,” he added.