Saudi Aramco Acquires 40% Stake in Pakistan’s Oil and Gas Company ‘GO’

Saudi Aramco signed final agreements today, Tuesday, to acquire a 40% stake in Pakistan’s limited oil and gas company ‘GO’. GO, operating in the field of fuel, lubricants, and various stores, is one of the largest storage and retail companies in Pakistan. The completion of these agreements is subject to regulatory approvals and final conditions.

According to Aramco’s statement, this acquisition represents Saudi Aramco’s first entry into the fuel retail markets in Pakistan, enhancing the company’s strategy for the value chain in the refining, chemicals, and marketing sectors globally.

This deal will enable Saudi Aramco to secure additional outlets for its refined products and open new markets for its lubricants under the Valvoline brand, following Aramco’s acquisition of Valvoline’s global products business in February 2023.

On this occasion, Mohammed bin Yahya Al-Qahtani, President of Refining, Chemicals, and Marketing at Saudi Aramco, said, “This is the second acquisition planned by Saudi Aramco in the retail sector this year, aligning with the company’s expansion strategy in refining, chemicals, and marketing, and its clear vision to develop its integrated business portfolio in refining, marketing, lubricants, trade, and chemicals worldwide.”

Al-Qahtani added that ‘GO’ possesses significant storage capabilities, high-quality assets, and future growth opportunities, enhancing Saudi Aramco’s ambitions to launch its brand in Pakistan.