Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, has made further progress in its global retail expansion by completing the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. (GO).
The global oil giant announced this development on its website.
GO is a diversified downstream fuels, lubricants and retail store operator in Pakistan with a network of more than 1,200 retail fuel stations.
The acquisition, first announced in December 2023, represents Aramco’s first Downstream retail investment in Pakistan and signals the company’s growing retail presence in high-value markets.
In March, Aramco also acquired a 100% equity stake in Esmax Distribución SpA (“Esmax”), a leading diversified downstream fuels and lubricants retailer in Chile.
Aramco’s Executive Vice President of Products & Customers Yasser Mufti, said: “Our global retail expansion is gaining pace and this acquisition is an important next step on our journey. Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan.”
“We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”
Last month, the Competition Commission of Pakistan (CCP) approved a 40% equity stake acquisition in GO by Aramco. Aramco Asia Singapore Pte Ltd is a Singaporean company wholly owned by Saudi Aramco, filed the pre-merger application with the CCP.
In December 2023, Aramco signed definitive agreements to acquire a 40% equity stake in GO Pakistan.
