Aramco to Acquire 40% Stake in Gas & Oil Pakistan
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Aramco signed definitive agreements to acquire a 40 percent equity stake in Gas & Oil Pakistan Ltd. (GO).
“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,” said Mohammed Y. Al Qahtani, Aramco Downstream President.
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.
This 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 global products business in February 2023.
Aramco is a global integrated energy and chemicals company. They are driven by their core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, their global team is dedicated to creating impact in all that they do. They focus on making resources more dependable, more sustainable, and more useful. This helps promote stability and long-term growth around the world.
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