Friday, June 14, 2024

World’s Biggest Oil Company Saudi Aramco Completes Acquisition of 40% Stake in Gas & Oil Pakistan

Saudi Aramco, a leading global energy and chemicals company, has taken a big step in its international retail growth by buying a 40% stake in Gas & Oil Pakistan Ltd. (GO). This significant move was announced on Aramco’s official website. GO is a major player in Pakistan’s market, operating over 1,200 fuel stations and offering a range of fuels, lubricants, and retail services.

The plan to buy this stake was first revealed in December 2023. This deal is Aramco’s first investment in Pakistan’s downstream retail sector, highlighting the company’s growing interest in expanding its retail operations in profitable markets. Alongside this acquisition, Aramco has also bought full ownership of Esmax Distribución SpA (Esmax), a major fuels and lubricants retailer in Chile.

Yasser Mufti, Aramco’s Executive Vice President of Products & Customers, highlighted the importance of these expansions. He stated, “Our global retail expansion is gaining speed, and this acquisition is a key step forward. We are excited to work with GO to bring Aramco’s top-quality products and services to our valued customers in Pakistan.”

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