Saudi Aramco finalised agreements to purchase a 40% stake in Gas & Oil Pakistan Ltd. (GO), a significant retail and storage company in Pakistan specialising in downstream fuels, lubricants, and convenience stores.
The acquisition marks Aramco’s inaugural venture into Pakistan’s fuel retail market, aligning with its strategy to fortify its international downstream value chain.
“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,” said 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.”
Pending regulatory clearances and customary conditions, this move will expand Aramco’s distribution channels for refined products and offer fresh market prospects for Valvoline-branded lubricants, following the earlier acquisition of Valvoline Inc.’s global product business in February 2023.
