ISLAMABAD: In a major development, Saudi Arabia’s oil giant Aramco on Tuesday signed
definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd (GO), making its
first entry into Pakistan’s fuels retail market.
According to a joint statement issued by Saudi oil giant Aramco and the Pakistani company, the
transaction is subject to certain customary conditions, including regulatory approvals.
The 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.
GO, a diversified downstream fuels, lubricants, and convenience store operator, is one of the
largest retail and storage companies in Pakistan.
Speaking on the occasion, Aramco Downstream President Mohammed Y Al Qahtani 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.”
“GO has a significant storage capacity, high-quality assets and growth potential, which will help
launch the Aramco brand in Pakistan,” Aramco’s top official said.
Former adviser of the finance ministry, Dr Khaqan Hassan Najeeb, said the Saudi giant’s
investment would boost the Pakistani oil market’s prospects.
“Certainly, heartening to see Aramco, the world’s leading integrated energy and chemicals
companies, taking take investment stake in Pakistan,” the economist told Geo.tv.
“This is especially encouraging for Pakistan as it is Aramco’s first entry into the Pakistani
petroleum retail market.”
Najeeb added that the potential makes good business sense for Aramco’s launch strategy in
Pakistan.
The Special Investment Facilitation Council (SIFC) — a civil-military body formed to bring
foreign investment — has plans to attract billions of dollars worth of inflows from Aramco as
well, The News reported earlier this year.