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Saudi Aramco completes acquisition of 40% stake in Gas & Oil Pakistan

Saudi Aramco completes acquisition of 40% stake in Gas & Oil Pakistan
In this handout photograph, taken and released by Saudi Aramco, GO CEO Khalid Riaz (sitting left) and Aramco Director of International Retail Nader Douhan (sitting right) signing papers at the closing ceremony of an acquisition deal in Riyadh on May 31, 2024. (Photo courtesy: Saudi Aramco)
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Updated 31 May 2024
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Saudi Aramco completes acquisition of 40% stake in Gas & Oil Pakistan

Saudi Aramco completes acquisition of 40% stake in Gas & Oil Pakistan
  • The Saudi oil giant signed the agreement to acquire stake in GO in Dec. 2023, which was approved by the Competition Commission of Pakistan (CCP) last month
  • Pakistan, Saudi Arabia have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed expediting $5 billion investment
Updated 31 May 2024
KHURSHID AHMED   
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KARACHI: Saudi oil giant, Aramco, has completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO), Aramco said on Friday, officially marking the Saudi company’s entry into Pakistan’s fuel retail market.
Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply and develops cutting-edge energy technologies, while GO is involved in the procurement, storage, sale, and marketing of petroleum products and lubricants. GO is also one of Pakistan’s largest retail and storage companies.
The Saudi oil giant signed the agreement to acquire stake in GO in Dec. 2023, which was approved by the Competition Commission of Pakistan (CCP) last month. The acquisition represents Aramco’s first downstream retail investment in Pakistan and signals the company’s growing retail presence in high-value markets.
“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,” Yasser Mufti, Aramco’s executive vice president of products and customers, was quoted as saying in an Aramco statement.
“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.”
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during the visit of Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.

Topics: Saudi Aramco

Pakistan PM to visit Saudi Arabia Monday, reaffirm support for Palestine at international conference

Pakistan PM to visit Saudi Arabia Monday, reaffirm support for Palestine at international conference
Updated 43 sec ago
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Pakistan PM to visit Saudi Arabia Monday, reaffirm support for Palestine at international conference

Pakistan PM to visit Saudi Arabia Monday, reaffirm support for Palestine at international conference
  • Arab-Islamic Summit in Riyadh will bring together heads of state and governments from Muslim countries
  • Visit will be Sharif’s second trip to the kingdom within days, as both sides bolster economic collaboration
Updated 43 sec ago
Falak Mahmood Khan

ISLAMABAD: Prime Minister Shehbaz Sharif will visit Saudi Arabia next week to attend the second Arab-Islamic Summit in Riyadh, the foreign office said on Thursday, where he will emphasize Pakistan’s unwavering support for Palestine.
The visit marks Sharif’s second trip to the kingdom within days, as Pakistan and Saudi Arabia strengthen economic ties, having recently signed 34 memoranda of understanding and agreements totaling $2.8 billion.
The summit, convened at Saudi Arabia’s initiative, will address escalating tensions in the Middle East, where Israel’s military operations in Gaza and Lebanon have intensified, while tensions between Iran and Tel Aviv have led to recent missile exchanges.
Foreign office spokesperson Mumtaz Zahra Baloch noted in her weekly briefing that the summit builds on the extraordinary gathering held on November 11, 2023, focused on Gaza and the Occupied Palestinian Territories.
“Prime Minister Muhammad Shehbaz Sharif will visit the Kingdom of Saudi Arabia to participate in the second joint Arab-Islamic Summit being held in Riyadh on 11th of November,” she said.
“Heads of state and government and senior officials from Arab League and OIC [Organization of Islamic Cooperation] member countries are expected to participate in the summit,” she added. “The prime minister will reiterate Pakistan’s full support for the Palestinian cause, calling for an immediate end to the genocide in Gaza.”
Sharif is expected to advocate for an urgent, unconditional ceasefire and a halt to Israeli military actions that threaten Middle Eastern security, according to the spokesperson.
Pakistan will also push for international protection for Palestinians and the establishment of an independent Palestinian state based on the June 4, 1967 borders, with East Jerusalem as its capital.
“On the sidelines of the summit,” Baloch continued, “the prime minister is expected to hold bilateral meetings with leaders from other Arab League and OIC member states.”
Amid ongoing Middle Eastern conflicts, Pakistan has dispatched over a dozen relief consignments to Gaza and Lebanon and provided diplomatic support, urging the international community to hold Israeli Prime Minister Benjamin Netanyahu’s government accountable for its actions in the region.

Topics: Pakistan foreign office

Pakistan’s northwestern province urges public to expose proxy ownership, help curb tax evasion

Pakistan’s northwestern province urges public to expose proxy ownership, help curb tax evasion
Updated 07 November 2024
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Pakistan’s northwestern province urges public to expose proxy ownership, help curb tax evasion

Pakistan’s northwestern province urges public to expose proxy ownership, help curb tax evasion
  • KP chief minister promises 40 percent share to people for identifying ‘benami’ properties in the province
  • CM Gandapur says while addressing a seminar his administration wants to introduce a whistleblower law
Updated 07 November 2024
REHMAT MEHSUD

PESHAWAR: In an effort to document the economy and broaden the tax net, the chief minister of northwestern Khyber Pakhtunkhwa province announced Wednesday that attractive rewards would be offered to whistleblowers who assist the government in identifying instances of proxy ownership, locally known as benami properties, in the province.
Benami properties are assets registered under another person’s name to disguise the actual owner’s identity, often used to conceal movable or immovable assets for tax evasion or other purposes.
Chief Minister Ali Amin Gandapur outlined his plan to introduce a whistleblower law at a seminar on combating drugs in Peshawar aimed at rooting out corruption from the province.
“Anyone providing information in helping the government identify a benami property will get 40 percent share,” he said.
Gandapur maintained people should help out the government, adding they should benefit from the opportunity that his administration was providing.
Pakistan’s tax collection body, the Federal Board of Revenue, announced in 2019 it would confiscate vehicles and properties with proxy ownership, as well as fictitious bank accounts.
The chief minister said public cooperation was crucial to the government, which could not advance without their support.
He also spoke out against the widespread availability and use of drugs in the province.
“The KP government has a zero-tolerance policy on drugs, and we have issued clear directives to relevant departments and institutions to crack down on the drug trade,” he added.
He stressed the government should deal sternly with those involved in drug trafficking. Gandapur described the drug trade as a heinous crime and vowed to impose exemplary punishment on those engaged in it.
“During our tenure, we have rehabilitated 2,400 drug users, including individuals from other provinces and even Afghan nationals,” he said, adding that the rehabilitation program would continue until drug users take control of their lives and become responsible citizens.

Topics: Pakistan Ali Amin Gandapur tax evasion Arab News Pakistan

Bomb and mortar attacks in northwest Pakistan kill four security officers, two schoolchildren

Bomb and mortar attacks in northwest Pakistan kill four security officers, two schoolchildren
Updated 07 November 2024
AP
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Bomb and mortar attacks in northwest Pakistan kill four security officers, two schoolchildren

Bomb and mortar attacks in northwest Pakistan kill four security officers, two schoolchildren
  • Pakistan has launched dozens of operations against militants, but they continue to carry out attacks
  • The bomb attack took place in South Waziristan while the children were killed by a mortar in Tirah valley
Updated 07 November 2024
AP

PESHAWAR: A roadside bomb exploded near a vehicle carrying security forces in northwestern Pakistan, killing four officers and wounding five others, officials said Thursday, while two schoolchildren also lost their lives when a mortar exploded nearby elsewhere in the region.

The roadside bombing happened Wednesday in South Waziristan district, a former stronghold of the Pakistani Taliban, local police officer Dilawar Khan said.

No one immediately claimed responsibility for the attack, but the Pakistani Taliban, known as Tehreek-e-Taliban Pakistan, has stepped up its assaults in the region since its ally the Afghan Taliban seized power in neighboring Afghanistan in 2021.

Later the same day, a mortar fired by insurgents landed near a road in the Tirah valley in the Khyber Pakhtunkhwa province on Wednesday, killing two schoolchildren who was going to school on foot, police said.

The Pakistani military has launched dozens of operations against the Pakistani Taliban and other insurgents in South Waziristan and other former tribal regions nearby, but the militants continue to carry out frequent attacks.

On Thursday, Pakistan’s Interior Minister Mohsin Naqvi met with Chinese ambassador Jiang Zaidong in Islamabad to brief him about an investigation into an attack Tuesday in which a guard shot and wounded two Chinese nationals at a textile mill in the port city of Karachi, allegedly over a private dispute.

China has frequently demanded better security for its nationals who are in Pakistan to work for Beijing’s multibillion-dollar Belt and Road Initiative.

Topics: Pakistan South Waziristan

Pakistan condemns Israeli efforts against operations of UN agency for Palestinian refugees

Pakistan condemns Israeli efforts against operations of UN agency for Palestinian refugees
Updated 07 November 2024
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Pakistan condemns Israeli efforts against operations of UN agency for Palestinian refugees

Pakistan condemns Israeli efforts against operations of UN agency for Palestinian refugees
  • Israel’s parliament voted last month to ban UNRWA from operating within Israel and occupied East Jerusalem
  • Almost all of Gaza’s population of more than two million people are dependent on aid and services from UNRWA
Updated 07 November 2024
Arab News Pakistan

ISLAMABAD: Acting Permanent Representative of Pakistan to the United Nations, Ambassador Usman Jadoon, has “strongly condemned” Israel’s attempts to dismantle the operations of the UN relief agency for Palestinian refugees (UNRWA), calling it a part of Israel’s “genocidal campaign” against the people of Palestine.

Israel’s parliament voted last month to ban the UNRWA from operating within Israel and occupied East Jerusalem, crippling its ability to work in Gaza and the Israeli-occupied West Bank. Almost all of Gaza’s population of more than two million people are dependent on aid and services from the agency.

The move has faced widespread condemnation, with UNRWA warning the new law could see aid supply chains “fall apart” in the coming weeks. Israel has defended the move, repeating its allegation that a number of the agency’s staff were involved in Hamas’s Oct. 7 attacks last year, which killed 1,200 people.

“The adoption of the law by the Israeli parliament [is] a flagrant violation of the UN Charter, international law, provisional measures set by the International Court of Justice, and the ICJ’s advisory opinion issued on July 19,” Jadoon said while speaking at a UN General Assembly meeting, calling on the international community, in particular the UN Security Council, to hold Israel accountable for its actions and ensure unimpeded operations of UNRWA.

Jadoon demanded a stop to the “demonization and delegitimization” of UNRWA.

“By targeting the UN relief agency for Palestinian refugees, Israel not only obstructs vital humanitarian assistance but also threatens the collective effort to uphold the Palestinian people’s identity, rights and aspirations for justice and peace,” Jadoon added.

Founded in 1949, UNRWA works in Gaza, the West Bank, Syria, Lebanon and Jordan, initially caring for the 700,000 Palestinians who were forced from or fled their homes after the creation of the state of Israel. Over the decades, the agency has grown to become the biggest UN agency operating in Gaza.

Since the war in Gaza began in October last year, the agency says it has distributed food parcels to almost 1.9 million people and also offered nearly six million medical consultations across the enclave over the course of the conflict.

More than 200 UNRWA staff have been killed in Israeli attacks since October 2023 in the course of those duties, according to the agency.
 

Topics: UNRWA UN Relief and Works Agency (UNRWA) Pakistan Palestine Ambassador Usman Jadoon Arab News Pakistan

Pakistan, China to form joint security strategy following attack on Chinese workers in Karachi

Pakistan, China to form joint security strategy following attack on Chinese workers in Karachi
Updated 07 November 2024
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Pakistan, China to form joint security strategy following attack on Chinese workers in Karachi

Pakistan, China to form joint security strategy following attack on Chinese workers in Karachi
  • Mohsin Naqvi says ensuring the safety of Chinese citizens and projects is Pakistan’s top priority
  • Chinese envoy maintains Beijing is ready to enhance bilateral security cooperation with Pakistan
Updated 07 November 2024
Aamir Saeed

ISLAMABAD: Pakistan and China agreed on Thursday to develop a joint security strategy, following an incident where two Chinese nationals suffered gunshot wounds in an attack by a security guard at a factory in Karachi, an official statement said.
An unknown number of Chinese nationals work in Pakistan, primarily as part of the China-Pakistan Economic Corridor (CPEC), a multibillion-dollar energy, infrastructure development, and regional connectivity initiative.
Chinese workers have increasingly come under attack in Pakistan in recent years, with notable incidents including a suicide bombing in the northwestern Khyber Pakhtunkhwa province that killed five Chinese engineers in March 2024 and an October blast near Karachi’s airport that left two other Chinese nationals dead.
The latest shooting occurred earlier this week, when a Pakistani security guard opened fire at a factory in Karachi, wounding two Chinese employees.
Interior Minister Mohsin Naqvi met with Chinese Ambassador Jiang Zaidong to discuss the situation and Pakistan’s response to the rising security risks faced by Chinese nationals.
“We fully agree with China’s vision of integrating development and security,” he was quoted as saying in a statement released by his office after the meeting. “Ensuring the safety of Chinese citizens and projects is our top priority. Those involved in the incident will be brought to justice.”
The interior ministry informed the two officials “agreed to develop a joint strategy to prevent such incidents in the future.”
Ambassador Jiang also underscored the need for a stable environment for ongoing bilateral cooperation and expressed his country’s readiness to strengthen bilateral security ties.
“China is ready to enhance bilateral security cooperation and build the capacities of Pakistani institutions,” he said.
Attacks on Chinese nationals have put the bilateral relations between both states under increasing stress, with the Chinese envoy previously calling such incidents “unacceptable” publicly.
Prime Minister Shehbaz Sharif personally visited the Chinese embassy in Islamabad on Wednesday to offer sympathies to the families of the Chinese who got injured in the recent shooting incident.
Pakistan and China have been discussing to upgrade CPEC in recent months, hoping to launch yet another phase marked by enhanced business-to-business relationships and further Chinese investment in the country.

Topics: Pakistan China Ties

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