Saudi Arabia’s state-owned company Aramco will acquire a 40% equity stake in Gas & Oil Pakistan (GO), marking the oil giant’s entry in Pakistani fuels retail market, Aramco said in a statement on Tuesday.
A diversified downstream fuels, lubricants and convenience stores operator, GO is one of the largest retail and storage companies in Pakistan.
The planned acquisition will also strengthen Aramco’s downstream value chain internationally.
The transaction will 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 Inc. global products business in February 2023.
“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,” Aramco Downstream President Mohammed Al Qahtani, was quoted as saying in the statement.
With its significant storage capacity, high-quality assets and growth potential, the acquisition of GO will help launch the Aramco brand in Pakistan, Qahtani added.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr