Aramco — one of the world’s leading energy and chemicals companies —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.
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.
