Saudi Aramco finalizes acquisition of 40% stake in GO Pakistan

Saudi Aramco, the world’s largest integrated energy and chemicals company, has completed the acquisition of a 40% stake in Gas & Oil Pakistan, a diversified operator of downstream fuels, lubricants and convenience stores.

GO, one of the largest retail and warehousing companies in Pakistan, boasts a network of over 1,100 retail outlets across the country, supplying petrol, diesel and lubricants to customers.

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

“Our global retail expansion is gaining momentum, and this acquisition is an important next step in our journey,” said Yasser Mufti, Aramco executive vice president of products and customers. “Through our strategic partnership with GO, we look forward to delivering high-quality Aramco products and services to valued customers in Pakistan.”

Mufti also expressed delight in welcoming GO as a new member of Aramco’s growing network of global partners, expressing confidence in the company’s ability to combine resources and expertise to unlock new opportunities and further develop the Aramco brand internationally.

The acquisition was earlier approved by the Competition Commission of Pakistan (CCP) last month. In early March, Aramco also acquired 100% of Esmax Distribución SpA, a leading diversified downstream fuel and lubricant retailer in Chile.

Experts hailed the acquisition as a positive development for Pakistan, a country that has long struggled to attract foreign direct investment (FDI). During the current fiscal year (FY24), the country has seen a slight increase in FDI inflows compared to the corresponding period of the previous fiscal year (FY23), highlighting the importance of such investments for the South Asian nation.