Aramco, a prominent global energy and chemicals company, announced on Tuesday that it has formally entered into agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”), as stated in a release on its official website.
GO, recognized as a diversified operator in downstream fuels, lubricants, and convenience stores, stands as one of Pakistan’s largest retail and storage entities. The completion of the transaction is contingent upon meeting customary conditions, including regulatory approvals.
This strategic move marks Aramco’s inaugural foray into the Pakistani fuels retail market, aligning with its broader objective of fortifying its international downstream value chain.
Aramco expressed that this acquisition holds the potential to secure additional outlets for its refined products while creating new market opportunities for Valvoline-branded lubricants, following Aramco’s acquisition of the Valvoline Inc. global products business in February 2023.
Mohammed Y. Al Qahtani, Aramco Downstream President, emphasized, “Our second planned retail acquisition this year is in line with Aramco’s downstream expansion strategy, paving the way for the growth of an integrated refining, marketing, lubricants, trading, and chemicals portfolio worldwide. With significant storage capacity, high-quality assets, and growth potential, GO will play a crucial role in launching the Aramco brand in Pakistan.”
