Inspenet, December 16, 2023.
Aramco has reached definitive agreements to acquire a 40% stake in Gas & Oil Pakistan Ltd (GO). These agreements were formalized last Tuesday. GO, a company diversified in the sale of fuels, lubricants and convenience store services and stands out as one of the leading players in the retail and warehousing space in Pakistan.
Said transaction is subject to normal conditions, including the necessary regulatory approvals. This acquisition initiative represents Aramco’s first foray into the fuel retail market in Pakistan , aligning with its global strategy to strengthen its downstream value chain internationally.
This operation would provide the oil company with additional avenues for the distribution of its refined products, opening new perspectives in the market for lubricants from the renowned Valvoline brand. Notably, this expansion follows Aramco’s purchase of Valvoline Inc.’s global products business. in February 2023.
Mohammed Y. Al Qahtani, President of Aramco Downstream, said: “Our second retail acquisition planned for this year aligns with the company’s downstream expansion strategy, with a clear path ahead to grow an integrated refining, marketing, lubricants, trading and chemicals portfolio globally“.
” GO has significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan .”
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Source: gulfnews.com
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