Aramco finalizes acquisition of 40% stake in Gas & Oil Pakistan

Saudi Aramco, one of the world’s leading integrated energy and chemical companies, has made further progress in its global retail expansion by completing the acquisition of a 40% stake in Gas & Oil Pakistan Ltd. (GO).

The global oil giant announced this on its website.

GO is a diversified fuel, lubricant and downstream retail operator in Pakistan with a network of over 1,200 retail fuel stations.

The acquisition, first announced in December 2023, represents Aramco’s first investment in the downstream retail segment in Pakistan and signals the company’s growing retail presence in high-value markets.

In March, Aramco also acquired 100% of Esmax Distribución SpA (“Esmax”), a leading diversified downstream fuel and lubricant retailer in Chile.

Aramco Executive Vice President, Products and Customers, Yasser Mufti, said: “Our global retail expansion is gaining momentum and this acquisition is an important next step in our journey. Through our strategic partnership with GO, we look forward to providing high-quality Aramco products and services to valued customers in Pakistan.”

“We are also pleased to welcome another high-calibre member of 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 abroad.”

Last month, the Competition Commission of Pakistan (CCP) approved Aramco’s acquisition of 40% stake in GO. Aramco Asia Singapore Pte Ltd is a Singaporean company wholly owned by Saudi Aramco and has submitted a pre-merger application to CCP.

In December 2023, Aramco signed definitive agreements to acquire a 40% stake in GO Pakistan.