Aramco to Acquire 40% Stake in Gas & Oil Pakistan

Published Dec 12, 2023 6:08 am ET

Aramco Executive Vice President of Products & Customers, Yasser Mufti, sitting right, signs the agreement with GO founder & CEO Khalid Riaz, sitting left. Standing, from left: 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. Image courtesy Aramco/GO

Aramco, one of the world’s leading integrated energy and chemicals companies, signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”).

GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in Pakistan. 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.