Aramco is finalizing the acquisition of 40% of shares in GO

KARACHI: Saudi oil giant Aramco has finalized the purchase of 40% stake in Gas & Oil Pakistan Ltd (GO) as part of its global retail expansion.

GO is a diversified fuel, lubricants 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 downstream retail in Pakistan and signals the company’s growing retail presence in Pakistan. according to a joint statement from Aramco and Go released on Friday.

In March this year, Aramco, one of the world’s leading integrated energy and chemical companies, also acquired 100% of Esmax Distribucion SpA (“Esmax”), a leading diversified downstream fuel and lubricant retailer in Chile.

Aramco’s executive vice president of products and customers, Yasser Mufti, said in a statement that “the company’s global retail expansion is gaining momentum and this acquisition represents an important next step in our journey.”

“Through our strategic partnership with GO, we look forward to delivering high-quality Aramco products and services to valued customers in Pakistan,” he said. He was also pleased to welcome another high-caliber addition to Aramco’s growing network of global partners and announce the combination of resources and expertise to unlock new opportunities and further develop the Aramco brand abroad.”

In April this year, the Competition Commission of Pakistan (CCP) approved the acquisition of 40% stake in Gas & Oil Pakistan Ltd (GO) by Aramco. According to CCP, it approved the merger after determining that the acquisition would not result in buyers “dominating” the relevant market after the transaction.

“The acquisition of Aramco marks a significant milestone in Pakistan’s energy sector, bringing advanced expertise and technology to the fuel retail market,” it said. “These developments are expected to stimulate competition, raise service standards and provide consumers with a wider range of high-quality products.”

According to the CCP, the takeover would help bring much-needed foreign direct investment into Pakistan’s energy sector, contributing to the country’s economic growth and development.