Saudi Aramco acquires 40% stake in Gas & Oil Pakistan

The signing of the agreement

Saudi Arabian Oil Co. (Saudi Aramco) signed, today, Dec 12, definitive agreements to acquire a 40% stake in Gas & Oil Pakistan Ltd. (GO), the oil major said in a statement. 

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

This transaction will help Aramco secure additional outlets for its refined products and further provide new market opportunities for Valvoline-branded lubricants, following Aramco’s acquisition of Valvoline Inc.’s global products business in February 2023. 

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

The transaction is subject to certain customary conditions, including regulatory approvals. 

“Our second planned retail acquisition this year aligns with Aramco’s downstream expansion strategy, with a clear path ahead for growing an integrated refining, marketing, lubricants, trading and chemicals portfolio worldwide,” said Mohammed Al Qahtani, Aramco Downstream President. 

GO has a significant storage capacity, high-quality assets and growth potential, which will help launch the Aramco brand in Pakistan, he added.