Islamabad: Saudi oil company Aramco has acquired a 40% stake in Gas and Oil Pakistan Limited (GO).
According to a report, the Saudi oil company stated in a release issued on Tuesday that Aramco has signed definitive agreements to acquire a 40% stake in GO. GO is a diversified downstream oil stream fuel, lubricants, and convenience stores operator and is one of Pakistan’s largest retail and storage companies.
According to Aramco, this deal is subject to certain traditional conditions, including regulatory approval. This agreement marks Aramco’s entry into the Pakistani fuel market, as it continues to strengthen its international downstream value chain to fortify its operational wisdom.
Aramco mentioned in its statement that this agreement will help Aramco secure additional outlets for its superior products and provide new market opportunities for the well-known Valvoline branded lubricants. Aramco’s President of Downstream, Al Qahtani, stated that this year’s second venture aligns with Aramco’s expanded downstream operational wisdom, promoting connected refining, marketing, lubricants, trading, and a chemical portfolio worldwide.
GO possesses the storage capacity, high-quality assets, and growth capabilities that will assist in launching the Aramco brand in Pakistan.
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