Aramco to get 40% stake in Pakistani oil marketing firm

ISLAMABAD: Saudi Aramco on Tuesday signed at Dhahran, Saudi Arabia, definitive agreements to acquire a 40 percent equity stake in Gas & Oil Pakistan Ltd.

According to the press release, the transaction is subject to certain customary conditions, including regulatory approvals. The planned acquisition is Aramco’s first entry into the Pakistani fuels retail market, advancing the company’s strategy to strengthen its downstream value chain internationally. 

This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants, following Aramco’s acquisition of the Valvoline Inc. global products business in February 2023.

Mohammed Y. Al Qahtani, Aramco Downstream President, said: “Our second planned retail acquisition this year aligns with Aramco’s downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading, and chemicals portfolio worldwide. GO has a significant storage capacity, high-quality assets, and growth potential, which will help launch the Aramco brand in Pakistan.”

Go has a network of over 1,100 retail outlets in Pakistan with oil and storage terminals across the country and a fleet of over 800 tank trucks.

Gas & Oil Pakistan is the first OMC in Pakistan to launch electric vehicle charges.

The first of these vehicle charges has been installed at GO Company owned & company operated (COCO) retail outlet in Lahore. GO plans to install more electric vehicle charges at other retail outlets on highways and motorways across Pakistan.

Pakistan authorities and Saudi Aramco are also in talks for a deep conversion state of art refinery in Pakistan.