Saudi Aramco, the world’s largest oil-producing company, has announced a strategic move to acquire a 40% equity stake in Gas & Oil Pakistan (GO), a prominent downstream fuels, lubricants, and convenience store operator. While the financial details of the transaction remain undisclosed, the agreement signifies Aramco’s entry into Pakistan’s fuel retail market, aligning with its international downstream expansion strategy. Aramco’s downstream president, Mohammed Al Qahtani, emphasized the significance of the deal, stating, “GO has a significant storage capacity, high-quality assets, and growth potential, which will help launch the Aramco brand in Pakistan.” The acquisition not only provides Aramco with additional outlets for its refined products but also opens up new market opportunities for Valvoline-branded lubricants, following Aramco’s earlier acquisition of the US motor oil and lubricant maker’s global products business in February.
Gas & Oil Pakistan (GO), recognized as one of the largest retail and storage companies in Pakistan, boasts a network of over 1,100 outlets across the country, offering petrol, diesel, and lubricants. The transaction is, however, subject to customary conditions, including regulatory approval. This move follows Aramco’s ongoing global expansion strategy, with recent acquisitions such as Esmax Distribuscion in Chile, reinforcing its position as the third most valuable company in the world, with a market value of $2.12 trillion. As Aramco continues to strengthen its portfolio and extend its reach into new markets, this latest venture solidifies its commitment to a diversified and integrated downstream presence worldwide.