Saudi Aramco has decided to buy a 40 percent share in Gas & Oil Pakistan Limited (GO), according to a statement issued by Aramco.
Aramco Executive Vice President of Products & Customers, Yasser Mufti, signed the agreement with GO founder and CEO Khalid Riaz.
Other senior officials including Aramco International Retail Director Nader Douhan, Aramco Vice President of Retail Ziyad Al Juraifani, GO Chairman Tariq Kirmani, Aramco Downstream President Mohammed Y. Al Qahtani and GO Chief Operating Officer Zeeshan Tayyeb attended the ceremony.
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”.
The planned acquisition will be Aramco’s first foray into the Pakistani fuels retail sector. Following Aramco’s acquisition of Valvoline Inc.’s worldwide products division in February 2023, this transaction would allow Aramco to acquire additional outlets for its refined products and give new market prospects for Valvoline-branded lubricants.
GO is one of Pakistan’s leading storage enterprises operating downstream fuels, lubricants, and convenience stores.
