Saudi Aramco has signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).
GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in Pakistan. The transaction is subject to certain customary conditions, including regulatory approvals.
The planned acquisition is Aramco’s first entry into the Pakistani fuels retail market, advancing the Company’s strategy to strengthen its downstream value chain internationally, it said in a statement on Tuesday.
This transaction would 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, it said.
“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 Aramco 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,” he added.
