Aramco to acquire a stake in Gas and Oil Pakistan
Summary
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. The transaction is subject to certain customary conditions, including regulatory approvals.The planned acquisition is Aramcos first entry into the Pakistani fuels retail market, advancing the Companys strategy to strengthen its downstream value chain internationally.This transaction would enable Aramco to secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants, following Aramcos acquisition of the Valvoline Inc. global products business in February 2023.Mohammed Y. Al Qahtani, Aramco Downstream President, said: Our second planned retail acquisition this year aligns with Aramcos downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading and chemicals portfolio worldwide. GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan.