Aramco to Acquire 40% Stake in Gas & Oil Pakistan

Aramco, one of the world's leading integrated energy and chemicals companies, has signed definitive agreements to acquire a 40% stake in Gas & Oil Pakistan Ltd. ("GO"). GO, a diversified fuel, lubricants and retail operator, is among the largest retail and storage companies in Pakistan. The transaction is subject to certain customary conditions, including regulatory approvals. The planned acquisition will mark Aramco's first entry into the Pakistan fuel retail market and will advance the Company's strategy to strengthen its international downstream value chain. The transaction will enable Aramco to obtain additional sales outlets for refined products and will create new market opportunities 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, said: "This year's second retail acquisition aligns with Aramco's downstream expansion strategy, which has a clear path ahead to grow an integrated global refining, marketing, lubricants, trading and chemicals portfolio. GO has significant storage capacity, high-quality assets and growth potential, and will help support the launch of the Aramco brand in Pakistan." Source