Saudi Aramco, the world’s largest energy and chemicals corporation, has announced a ground-breaking agreement to purchase a significant 40% equity position in Gas & Oil Pakistan Ltd. (GO), a famous Lahore-based oil and gas company.
The deal, signed by Aramco’s Executive Vice President of Products and Customers Yasser Mufti and Khalid Riaz, CEO of Gas & Oil Pakistan Ltd., signals Aramco’s strategic entry into the Pakistani fuels retail market.
This strategic initiative is consistent with Aramco’s overall aim to develop its downstream value chain on a global scale. Aramco intends to strengthen its grip in the Pakistani market by acquiring a large interest in GO, utilizing the country’s expanding energy sector.
Aramco’s first entrance into the Pakistani fuels retail market reflects the company’s commitment to broadening its global operations. his strategic partnership is expected to provide additional outlets for Aramco’s refined goods as well as new market prospects for Valvoline-branded lubricants. Notably, Saudi Aramco earlier bought the global products business of Valvoline Inc. in February 2023.
Aramco’s Downstream President, Mohammed Y. Al Qahtani, stressed the significance of this retail acquisition, adding that it fits smoothly with Aramco’s downstream expansion strategy. He emphasized the company’s clear route forward, focused on establishing a global integrated portfolio that includes refining, marketing, lubricants, trading, and chemicals.
Aramco sees this collaboration as a chance to showcase its brand in Pakistan, leveraging GO’s current market position and business strength.
In essence, Saudi Aramco’s acquisition of a large share in GO signals a watershed moment in the company’s worldwide downstream expansion, opening up new options in the dynamic and expanding Pakistani energy sector.
