Dhahran, 13 December 2023 (WAI): Aramco, the Saudi Arabian state-owned petroleum and gas business, has announced that it has finalized arrangements to purchase a 40% ownership share in Gas and Oil Pakistan Ltd (GO).
Khalid Riaz, the CEO of GO, and Yasser Mufti, the executive vice president of products and customers at Aramco, inked the agreement between the two firms.
One of Pakistan’s biggest retailers and storage firms is Gas and Oil Ltd (GO), a multifaceted downstream gasoline, lubricant, and convenience store operator. The permission of regulatory bodies and specific customary requirements are prerequisites to the transaction between the two firms.
With the anticipated acquisition of GO, Aramco will make its debut in Pakistan’s retail fuels sector. It would allow Aramco to continue its global plan to fortify its downstream value chain.
Adding to the earlier purchasing of Valvoline Inc.’s worldwide products business in February 2023, this transaction will entitle Aramco to even more outlets for its refined products and open a new market for lubricants bearing the Valvoline name.
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Gas and Oil Pakistan Ltd. (GO) has enormous storage capacity, high-quality assets, and room to expand, according to remarks made by Muhammad Y. Al Qahtani, the Downstream President of Aramco, on this occasion. This would support the Aramco brand’s introduction in Pakistan.
He continued with a clear route forward for expanding an integrated refining, marketing, lubricants, trading, and chemical portfolio globally, “our second planned retail acquisition this year aligns with Aramco’s downstream expansion strategy.”
The Saudi Development Fund was instructed by Crown Prince Muhammad bin Salman to boost its investments in Pakistan from $1 billion to $10 billion earlier this year during the visit of former Prime Minister Shahbaz Sharif to the Kingdom of Saudi Arabia.
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