Follow Us on Google News
Aramco and Gas finalized an agreement to acquire a 40 percent stake in Gas and Oil Pakistan Ltd, an authorized oil marketing company in December 2023. Gas and Oil Pakistan Ltd is renowned for its involvement in the procurement, storage, sale, and marketing of petroleum products and lubricants, standing as one of Pakistan’s premier retail and storage enterprises.
Aramco, a global giant in energy and chemicals, renowned for producing approximately one-eighth of the world’s oil supply and spearheading innovative energy technologies, pursued this acquisition. Aramco’s subsidiary, Aramco Asia Singapore Pte. Ltd., a wholly-owned Singaporean entity, submitted the pre-merger application to the Competition Commission of Pakistan (CCP).
Specializing in various aspects of the energy sector, including sales, marketing, procurement, and logistics, Aramco Asia Singapore focuses on activities ranging from prospecting and exploration to refining and marketing hydrocarbon substances.
Also read: Why did Uber shut down operations in Lahore?
In its statement on Monday, the CCP announced its approval of Aramco’s acquisition of a 40 percent equity stake in Gas & Oil Pakistan Ltd. The commission highlighted the significance of this transaction, noting Aramco’s inaugural venture into Pakistan’s fuels retail market, showcasing confidence in the nation’s economic potential and its commitment to growth.
This development comes against the backdrop of significant investment agreements between Pakistan and Saudi Arabia in February 2019. These agreements, totaling $21 billion, were forged during the visit of Saudi Crown Prince Mohammed Bin Salman to Islamabad and included substantial investments in an Aramco oil refinery and a petrochemical complex at the strategic Gwadar Port in Balochistan.