Oil & Gas

Saudi Aramco has completed the acquisition of a 40 percent stake in Pakistan's largest fuel retailer, bolstering its presence in the Asian markets. This strategic move aims to enhance Aramco's influence and investment in the region's fuel retail sector.

In a statement seen by the Washington-based Specialized Energy Platform, Saudi Aramco announced on Friday, May 31, 2024, the completion of the acquisition of a 40% stake in Pakistan Gas and Oil Company Limited (GO). This acquisition, first announced in December 2023, marks Aramco's initial retail investment in Pakistan.

GO, a prominent player in Pakistan's fuel and lubricants market, operates over 1,200 petrol stations. This acquisition underscores Aramco's commitment to expanding its retail operations and leveraging high-value markets. It follows Aramco's previous acquisition of a 100% stake in Ismax Distribution (SBE), a leading fuel and lubricants retailer in Chile.

Yasser Mufti, Aramco's executive vice president of product and customer business, highlighted the acquisition as a pivotal step in the company's global expansion in fuel retail. Through its partnership with GO, Aramco aims to deliver high-quality products and services to Pakistan customers, enhancing its international footprint.

This deal also reinforces Aramco's strategy to secure additional outlets for its refined products and introduce Valvolin-branded lubricants in new markets. With significant storage capabilities and a robust network of over 1,100 retail outlets, GO provides substantial growth opportunities. The acquisition comes as Aramco engages in talks with Shell International to acquire its petrol stations in Malaysia, further extending its global reach.