Aramco, a prominent global integrated energy and chemicals company, has officially entered into agreements to acquire a 40% equity interest in Gas & Oil Pakistan Ltd. ("GO").
GO operates as a diversified downstream entity involved in fuels, lubricants, and convenience stores, establishing itself as one of the foremost retail and storage entities in Pakistan. The completion of this transaction is contingent upon meeting customary conditions, including obtaining regulatory approvals.
This strategic move marks Aramco's initial foray into the fuels retail market in Pakistan, aligning with the company's overarching objective of reinforcing its downstream value chain on an international scale. The acquisition is anticipated to provide Aramco with additional outlets for its refined products, creating new market prospects for Valvoline-branded lubricants, following Aramco's acquisition of Valvoline Inc.'s global products business in February 2023.
Mohammed Y. Al Qahtani, Aramco Downstream President, expressed, "Our second planned retail acquisition this year is in harmony with Aramco's downstream expansion strategy, charting a clear course for cultivating an integrated refining, marketing, lubricants, trading, and chemicals portfolio globally. GO boasts substantial storage capacity, valuable assets of high quality, and promising growth potential, which will facilitate the introduction of the Aramco brand in Pakistan."
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