Saudi Aramco said Tuesday that it has agreed to acquire a 40 per cent stake in fuel distributor Gas & Oil Pakistan (GO), marking the state-owned energy major’s foray into the South Asian nation.
The deal would allow the Riyadh-listed energy firm to secure additional outlets for its refined products. It will further provide new market opportunities for Valvoline-branded lubricants, following Aramco’s acquisition of the Valvoline 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,” said Downstream president Mohammed Y. Al Qahtani.
“GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan.” The company is one of the biggest retail and storage companies in Pakistan.
The transaction is subject to certain customary conditions, including regulatory approvals.
Share this:
