Aramco to acquire 40% equity stake in Gas & Oil Pakistan Ltd. (GO)

Aramco to acquire 40% equity stake in Pakistani company!

On Tuesday, Aramco, the global integrated energy and chemicals company, signed an agreement to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (GO).

This will be Aramco’s first entry into the Pakistani fuel retail business.

In a joint statement, Saudi oil giant Aramco and the Pakistani company maintained that the transaction is subject to certain customary conditions, including regulatory approvals.

The transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants, following Aramco’s acquisition of the Valvoline Inc. global products business in February 2023.

Aramco Downstream President Mohammed Y Al Qahtani 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,” Aramco’s top official said.

As reported, the Special Investment Facilitation Council (SIFC) — a civil-military body formed to bring foreign investment — has plans to attract billions of dollars worth of inflows from Aramco as well.