Aramco to acquire a 40% stake in Gas & Oil Pakistan
The planned acquisition is our first entry into the Pakistani fuels retail market.
Aramco today signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).
GO, a diversified downstream fuels, lubricants, and convenience-store 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 our strategy to strengthen our downstream value chain internationally.
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.
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.
— Mohammed Y. Al Qahtani, Aramco Downstream president
“GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan,” Al Qahtani added.
Caption for top photo: Aramco executive vice president of Products and Customers, Yasser Mufti, right, signs the agreement with GO founder and CEO Khalid Riaz, left. Standing, from left: are Aramco International Retail director Nader Douhan, Aramco vice president of Retail Ziyad Juraifani, GO chairman Tariq Kirmani, Aramco Downstream president Mohammed Y. Al Qahtani, and GO chief operating officer Zeeshan Tayyeb.