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Aramco Completes Acquisition of 40% Stake in Gas & Oil Pakistan

At the closing ceremony are GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right. Standing, from left, are GO board members Bilal Ansari and Shahzad Mubeen, Aramco Executive Vice President of Products & Customers Yasser Mufti, GO Chairman Tariq Kirmani, and Aramco Vice President of Retail Ziyad Juraifani. (Aramco Official Site)
At the closing ceremony are GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right. Standing, from left, are GO board members Bilal Ansari and Shahzad Mubeen, Aramco Executive Vice President of Products & Customers Yasser Mufti, GO Chairman Tariq Kirmani, and Aramco Vice President of Retail Ziyad Juraifani. (Aramco Official Site)
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Aramco Completes Acquisition of 40% Stake in Gas & Oil Pakistan

At the closing ceremony are GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right. Standing, from left, are GO board members Bilal Ansari and Shahzad Mubeen, Aramco Executive Vice President of Products & Customers Yasser Mufti, GO Chairman Tariq Kirmani, and Aramco Vice President of Retail Ziyad Juraifani. (Aramco Official Site)
At the closing ceremony are GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right. Standing, from left, are GO board members Bilal Ansari and Shahzad Mubeen, Aramco Executive Vice President of Products & Customers Yasser Mufti, GO Chairman Tariq Kirmani, and Aramco Vice President of Retail Ziyad Juraifani. (Aramco Official Site)

Saudi oil giant Aramco said it has made further progress in its global retail expansion by completing the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).

GO is a diversified downstream fuels, lubricants and retail store operator in Pakistan with a network of more than 1,200 retail fuel stations, Aramco said in a statement on Friday.

It added that the acquisition, first announced in December 2023, represents Aramco’s first Downstream retail investment in Pakistan and signals the Company’s growing retail presence in high-value markets.

"In March, Aramco also acquired a 100% equity stake in Esmax Distribución SpA (“Esmax”), a leading diversified downstream fuels and lubricants retailer in Chile," the statement added.

In this regard, Yasser Mufti, Aramco Executive Vice President of Products & Customers, said: “Our global retail expansion is gaining pace and this acquisition is an important next step on our journey. Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan."

"We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”

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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.