Aramco, a company from Saudi Arabia, signed a deal on Tuesday to buy a 40% stake in a Pakistani oil and gas company. This was announced in a statement from the Saudi company.
The deal was made by Yasser Mufti, Executive Vice President of Products and Customers at Aramco, and Khalid Riaz, CEO of Gas & Oil Pakistan Ltd. (GO), which is based in Lahore.
The planned purchase will be Aramco’s first step into the retail fuels market in Pakistan. This is part of the company’s plan to improve its downstream value chain around the world.
As one of the biggest integrated energy and chemicals companies in the world, Aramco would be able to get its refined products into more markets. This deal would also open up new markets for Valvoline-branded lubricants, since Aramco bought the Valvoline Inc. global products business in February 2023.
“Our second planned retail acquisition this year fits with Aramco’s downstream expansion strategy, with a clear path ahead for growing an integrated portfolio of chemicals, trading, and refining around the world,” said Mohammed Y. Al Qahtani, president of Aramco’s downstream division.
He also said that GO’s large storage space, high-quality assets, and growth potential will help bring the Aramco name to Pakistan.
One of the biggest shops and warehouses in Pakistan is GO, which runs a variety of downstream businesses like fuels, lubricants, and convenience stores.
