Aramco to acquire a 40% stake in Gas & Oil Pakistan
Summary
DHAHRAN, Saudi Arabia, Dec. 12, 2023 /PRNewswire/ -- Aramco, one of the worlds leading integrated energy and chemicals companies, today 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. GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan. From producing approximately one in every eight barrels of the worlds oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond the Companys control that could cause the Companys actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward looking statements, including the following factors: international crude oil supply and demand and the price at which it sells crude oil; the impact of pandemics or infectious diseases on business and economic conditions and on supply and demand for crude oil, gas and refined and petrochemical products; competitive pressure; climate change concerns and impacts; weather; cyclicity of gas, oil, refining and petrochemical sectors; terrorism and armed conflict; adverse economic or political developments; operational risks and hazards in the oil and gas, refining and petrochemicals industries; any significant deviation or changes in existing economic and operating conditions that could affect the estimated quantity and value of the Companys proved reserves; losses from risks related to insufficient insurance; the Companys ability to deliver on current and future projects; comparability amongst periods; the Companys ability to realize benefits from recent and future acquisitions, including with respect to SABIC; risks related to operating in several countries; the Companys dependence on its senior management and key personnel; the reliability and security of the Companys IT systems; litigation to which the Company is or may be subject; risks related to oil, gas, environmental, health and safety and other regulations that impact the industries in which the Company operates; risks related to international operations, including sanctions and trade restrictions, anti-bribery and anti-corruption laws and other laws and regulations; risks stemming from requirements to obtain, maintain, and renew governmental licenses, permits, and approvals; risks stemming from existing and potential laws, regulations, and other requirements or expectations relating to environmental protection, health and safety laws and regulations, and sale and use of chemicals and plastics; potential changes in equalization compensation received in connection with domestic sales of hydrocarbons; potential impact on tax rates if the Company does not separate its downstream business in a timeframe set by the Government of Saudi Arabia; risks related to Government-directed projects and other Government requirements, including those related to Government-set maximum level of crude oil production and target Maximum Sustainable Capacity (MSC); as well as the importance of the hydrocarbon industry to the Government; political and social instability and unrest and actual or potential armed conflicts in the regions in which the Company operates and other areas; interest and exchange rate fluctuations; risks arising should the Government eliminate or change the pegging of SAR to the U.S. dollar; and other risks and uncertainties that could cause actual results to differ from the forward looking statements in this press release, as set forth in the Companys latest periodic reports filed with the Saudi Stock Exchange. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation.