Gas & Oil Pakistan
In a significant move, Aramco, a global leader in integrated energy and chemicals, has formalized its intent to acquire a substantial 40% equity stake in Gas & Oil Pakistan Limited (GO), according to a joint press release issued by both companies.
Gas & Oil Pakistan Limited, recognized for its diversified downstream operations encompassing fuels, lubricants, and convenience stores, stands as one of the largest retail and storage entities in Pakistan. The agreement, outlined in definitive agreements, is contingent upon meeting customary conditions, including obtaining regulatory approvals.
This strategic acquisition marks Aramco’s inaugural foray into the fuels retail market in Pakistan, aligning with the company’s broader vision to fortify its downstream value chain on the global stage. The move underscores Aramco’s commitment to expanding its presence in international markets.
The proposed transaction not only grants Aramco access to an extensive network of retail outlets for its refined products but also opens new avenues for market opportunities, particularly for Valvoline-branded lubricants. This follows Aramco’s earlier acquisition of the global products business of Valvoline Inc. in February 2023.
Mohammed Y. Al Qahtani, Aramco Downstream President, emphasized the strategic significance of this move, 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.” He further highlighted GO’s notable storage capacity, high-quality assets, and growth potential, emphasizing that these attributes would facilitate the introduction and establishment of the Aramco brand in the Pakistani market.
As Aramco continues to diversify and strengthen its global presence, the acquisition of a significant stake in Gas & Oil Pakistan Limited emerges as a pivotal step in expanding its downstream operations and solidifying its position in the dynamic energy landscape.
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