2023-12-12 17:11:05
December 12, 2023
Baghdad/Al-Masala Al-Hadath: Saudi Aramco signed final agreements to acquire a 40% stake in Pakistan Gas and Oil Company Limited “GO”.
“GO”, which operates in the field of fuels, lubricants and various stores, is one of the largest warehousing and retail companies in Pakistan. Completion of the agreements is subject to regulatory approvals and final requirements.
According to an Aramco statement, the agreed upon acquisition represents Saudi Aramco’s first entry into the retail fuel markets in Pakistan, which strengthens the company’s value chain strategy in the refining, chemicals and marketing sector at the global level.
The deal will enable Saudi Aramco to secure additional outlets for its refined products, and open new markets for Valvoline branded lubricants, after Saudi Aramco acquired the global products business of the American company Valvoline in February 2023.
Mohammed bin Yahya Al-Qahtani, President of Refining, Chemicals and Marketing at Saudi Aramco, said: This is Saudi Aramco’s second planned acquisition in the retail sector during this year, and this is in line with the company’s strategy to expand in the field of refining, chemicals and marketing, and the company’s clear vision to develop its integrated business portfolio in The field of refining, marketing, lubricants, trading, and chemicals worldwide.
Al-Qahtani added that GO possesses important storage capabilities, as well as high-quality assets and future growth opportunities, which enhances Saudi Aramco’s ambitions to launch its brand in Pakistan.
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