https://arab.news/p88jv
RIYADH: Energy giant Saudi Aramco has completed the acquisition of a 40 percent equity stake in Gas & Oil Pakistan as the company continues its global retail expansion.
The acquisition, first announced in December 2023, represents Aramco’s first downstream retail investment in Pakistan and signals the firm’s growing presence in high-value markets, the company said in a press statement.
“Our global retail expansion is gaining pace and this acquisition is an important next step on our journey. Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan,” said Yasser Mufti, executive vice president of products and customers at Saudi Aramco.
He added: “We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”
In March, Saudi Aramco acquired a 100 percent equity stake in Esmax Distribucion SpA, a leading diversified downstream fuels and lubricants retailer in Chile.
On May 30, the energy giant said that it plans to sell 1.545 billion shares worth more than $10 billion.
In a statement, the company announced a “secondary public offering of 1.545 billion shares,” with an expected price range between SR26.70 and SR29 ($7 to $7.70).
The sale on the Saudi stock exchange, which represents approximately 0.64 percent of the company’s issued shares, will commence on June 2.
On May 12, Saudi Aramco revealed that its net profit for the first quarter of this year reached $27.27 billion, representing a rise of 2.04 percent compared to the last three months of 2023.
According to a statement, the oil firm’s total revenue for the three months to the end of March stood at $107.21 billion, with the total operating income reaching $58.88 billion.
In April, a report released by Brand Finance revealed that Saudi Aramco has maintained its position as the Middle East’s most valuable brand, with a value of $41.5 billion.
According to the analysis, the energy giant continued to dominate the region despite an 8 percent drop in value, driven by a fall in crude oil prices and lower sales volumes.