Saudi Arabian oil giant Aramco has announced it has completed the acquisition of a 40 percent stake in Gas and Oil Pakistan Ltd (GO), marking another step in the expansion of its global retail business.
Aramco said in a statement on Friday that GO is a downstream diversified fuels, lubricants and retail store operator with a network of more than 1,200 retail fuel stations in Pakistan.
The acquisition, first announced in December 2023, marks Aramco’s first downstream retail investment in Pakistan and marks the company’s expanding retail presence in a high-value market, the company added.
“In March, Aramco also acquired 100% of the shares of Esmax Distribución SpA (“Esmax”), a leading diversified downstream fuels and lubricants retailer in Chile,” the statement added.
Commenting on this, Yaser Mufti, executive vice president, Products and Customers, Aramco said: “The expansion of our global retail business is accelerating and this acquisition marks an important next step in our journey. Through our strategic partnership with GO, we look forward to offering Aramco’s high-quality products and services to our valued customers in Pakistan.”
“We are also pleased to welcome these talented new additions to Aramco’s growing network of global partners. The combined resources and expertise of our two companies will create new opportunities and further grow the Aramco brand abroad.”
