Saudi oil giant Aramco plans to open its first branded retail gas station in Pakistan by the end of this year, following the acquisition of a 40% stake in Gas & Oil Pakistan Ltd. (GO) in May.
GO is one of Pakistan’s largest retail and storage companies, involved in the procurement, storage, sale, and marketing of petroleum products and lubricants.
Aramco, a leading global energy and chemicals company responsible for producing around one-eighth of the world’s oil supply, confirmed its plans in an emailed statement to Arab News.
“We are working to launch our first Aramco-branded gas station in Pakistan by the end of the year. More details will be shared when the site is commissioned,” the company’s media department stated.
An official from Pakistan’s Board of Investment (BOI) described Aramco’s acquisition of GO as the company’s first downstream retail investment in Pakistan, marking a significant step in expanding its presence in high-potential markets.
In addition to its investment in Pakistan, Aramco acquired a 100% equity stake in Esmax Distribución SpA, a leading downstream fuels and lubricants retailer in Chile, in March.
“This acquisition [of GO] represents a key milestone in our global retail expansion,” said Yasser Mufti, Aramco Executive Vice President of Products & Customers, following the completion of the GO deal in May.
Mufti emphasized that Aramco looks forward to bringing its high-quality products and services to customers in Pakistan through its partnership with GO, adding that the collaboration would unlock new opportunities and grow the Aramco brand internationally.
In 2019, Pakistan and Saudi Arabia signed investment deals worth $21 billion during Saudi Crown Prince Mohammed bin Salman’s visit to Islamabad. The agreements included $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at Gwadar Port.
In recent months, both nations have worked to boost bilateral trade and investment. In April, Saudi Arabia reaffirmed its commitment to expedite a $5 billion investment package for Pakistan.
