Saudi Aramco has announced its decision to acquire a substantial 40% stake in Gas & Oil Pakistan Limited (GO), marking its entry into the Pakistani fuels retail sector.
Saudi Aramco, the global energy giant, has announced its decision to acquire a substantial 40% stake in Gas & Oil Pakistan Limited (GO), marking its entry into the Pakistani fuels retail sector. The agreement was officially signed by Aramco Executive Vice President of Products & Customers, Yasser Mufti, and GO founder and CEO Khalid Riaz.
The signing ceremony witnessed the presence of key officials, including Aramco International Retail Director Nader Douhan, Aramco Vice President of Retail Ziyad Al Juraifani, GO Chairman Tariq Kirmani, Aramco Downstream President Mohammed Y. Al Qahtani, and GO Chief Operating Officer Zeeshan Tayyeb.
Mohammed Y. Al Qahtani, Aramco Downstream President, emphasized the significance of this acquisition, stating, “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. GO has a significant storage capacity, high-quality assets, and growth potential, which will help launch the Aramco brand in Pakistan.”
This venture represents Aramco’s maiden foray into the Pakistani fuels retail sector, underscoring its commitment to expanding its global presence. Following Aramco’s earlier acquisition of Valvoline Inc.’s worldwide products division in February 2023, this strategic move positions the company to secure additional outlets for its refined products and opens up new market prospects for Valvoline-branded lubricants.
Gas & Oil Pakistan Limited (GO) stands as one of Pakistan’s leading storage enterprises, operating in the downstream fuels, lubricants, and convenience stores sector. With Aramco’s 40% stake, GO is poised to benefit from the global energy giant’s extensive expertise and resources.
The planned acquisition aligns with Aramco’s broader downstream expansion strategy, emphasizing an integrated approach encompassing refining, marketing, lubricants, trading, and chemicals on a global scale. The move signifies Aramco’s confidence in the growth potential of the Pakistani market and its commitment to establishing a prominent presence in the region.
This strategic partnership not only allows Saudi Aramco to diversify its portfolio but also positions it strategically to tap into Pakistan’s growing energy market. The acquisition of GO provides Aramco with a foothold in the country’s retail sector, offering an avenue to reach a wider consumer base.
As Aramco continues to navigate the dynamic landscape of the global energy industry, this latest venture reinforces its position as a key player in the downstream sector. The collaboration with Gas & Oil Pakistan Limited sets the stage for a mutually beneficial partnership that leverages the strengths of both entities, contributing to the growth and development of the Pakistani fuels retail sector.
With the acquisition poised to enhance Aramco’s market presence and GO’s growth prospects, the collaboration marks a significant milestone in the evolving energy landscape of Pakistan. As the partnership unfolds, it is anticipated to bring about positive developments in the country’s downstream sector, benefiting consumers and stakeholders alike.