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)

• 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

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.