DHAHRAN-Aramco, a global energy and chemicals company, has entered into definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”). GO is a prominent player in the downstream fuels, lubricants, and convenience stores sector in Pakistan and is known for its extensive retail and storage operations. The completion of this transaction is subject to customary conditions, including regulatory approvals.
This move marks Aramco’s initial foray into the Pakistani fuels retail market and serves to reinforce its commitment to strengthening its downstream value chain on a global scale. By acquiring GO, Aramco will gain access to additional outlets for its refined products and will be able to leverage new market opportunities for Valvoline-branded lubricants, following the company’s acquisition of Valvoline Inc.’s global products business earlier this year in February.
Mohammed Y. Al Qahtani, the Downstream President at Aramco, expressed that this retail acquisition aligns with the company’s expansion strategy in the downstream sector. The aim is to establish an integrated portfolio that incorporates refining, marketing, lubricants, trading, and chemicals operations around the world. With GO’s substantial storage capacity, top-notch assets, and growth potential, Aramco will be able to introduce and promote its brand in the Pakistani market.
With these developments, Aramco further solidifies its position as a key player in the energy and chemicals industry, leveraging its expertise and expanding its global reach.