Aramco to acquire 40% stake in Pakistan’s GO, expanding downstream presence

Saudi Gazette report

DHARAN — Aramco, a global leader in integrated energy and chemicals, has inked definitive agreements for the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd. (GO), a diversified company operating in downstream fuels, lubricants, and convenience stores.

GO stands as one of Pakistan’s largest retail and storage companies, and this transaction is contingent upon customary conditions, including regulatory approvals.

This strategic move marks Aramco’s entry into the Pakistani fuels retail market and underscores the company’s commitment to strengthening its international downstream value chain.

The acquisition will facilitate Aramco’s access to additional outlets for its refined products and create new market opportunities for Valvoline-branded lubricants, following Aramco’s acquisition of the Valvoline Inc. global products business in February 2023.

Mohammed Al Qahtani, Aramco downstream president, said: “Our second retail acquisition this year aligns perfectly with Aramco’s downstream expansion strategy.

“It paves the way for the growth of an integrated portfolio encompassing refining, marketing, lubricants, trading, and chemicals on a global scale.

“GO boasts significant storage capacity, top-quality assets, and substantial growth potential, all of which will contribute to the successful launch of the Aramco brand in Pakistan.”