Saudi Aramco to acquire 40% stake in Pakistani fuel retailer

Saudi Aramco, the world’s largest oil producer, has signed definitive agreements to acquire a 40% stake in Gas & Oil Pakistan Limited (GO).

The transaction is subject to certain customary conditions, including regulatory approvals, the companies said in a joint statement on Tuesday.

The planned acquisition is Aramco’s first entry into the Pakistani fuels retail market, which will strengthen its downstream value chain internationally.

GO, a diversified downstream fuels, lubricants, and convenience stores operator, is one of the largest retail and storage companies in Pakistan.

The stake acquisition will allow Aramco to secure additional outlets for its refined products and provide new market opportunities for Valvoline-branded lubricants.

Aramco acquired Valvoline Inc.’s global products business in February 2023.

Source: Zawya