Dhahran, 13 December 2023 (TDI): Saudi State-owned petroleum and gas company, Aramco, on Tuesday in a landmark development, acquires a 40% stake in the Gas and Oil Pakistan Ltd (GO).
According to the official press statement, Aramco, one of the World’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40% equity stake in Gas and Oil Pakistan Ltd (GO).
The agreement between both companies were signed by Aramco Executive Vice President of Products and Customers, Yasser Mufti, along with the founder and CEO GO, Khalid Riaz.
Gas and Oil Ltd (GO), a diversified downstream fuel, lubricants, and convenience stores operator, is one of the largest retail and storage companies in Pakistan. The transaction between both companies is subject to certain customary conditions and regulatory approvals.
This planned acquisition of GO in Pakistan is Aramco’s first entry into the fuels retail market in Pakistan. It would enable Aramco to advance the company’s strategy to further strengthen its downstream value chain internationally.
The following transaction would qualify Aramco to secure additional outlets for its refined products and further provide a new market opportunity for Valvoline-branded lubricants, following the earlier acquisition of Valvoline Inc. global products business in February 2023.
On this occasion, the Downstream President Aramco, Muhammad Y. Al Qahtani, said that Gas and Oil Pakistan Ltd. (GO) has a significant storage capacity, high-quality assets, and growth potential. This would help in launch of the Aramco brand in Pakistan.
He added that 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 chemical portfolio worldwide.
Also Read: Saudi Arabia plans to invest $10 billion in Pakistan
Earlier this year, during the visit of former Prime Minister Shahbaz Sharif to the Kingdom of Saudi Arabia, the Crown Prince, Muhammad bin Salman directed the Saudi Development Fund to increase investments in Pakistan from previous 1 billion dollars to 10 billion dollars.
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