Saudi Arabian oil and gas company Aramco has completed the acquisition of a 40 percent stake in Gas and Oil Pakistan (GO), marking the expansion of its downstream retail operations into Pakistan.
Financial terms of the transaction were not disclosed.
The transaction, first announced in December 2023, is also expected to generate new growth and value creation opportunities within the industry.
GO, which has diversified downstream businesses, boasts of a network of over 1,200 retail fuel stations across Pakistan.
The acquisition is part of Aramco’s goal to strengthen its retail presence in high-value markets and follows its acquisition of 100% of Smax Distribution (Smax) from Southern Cross Group in March.
Chilean company Esmax operates in the fuel and lubricant retail sector with a diversified portfolio of activities including retail fuel stations, airport services, fuel distribution terminals and lubricant blending plants.
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Yaser Mufti, Aramco’s executive vice president of products and customers, said: “The expansion of our global retail business is accelerating and this acquisition marks an important next step in our efforts. Through our strategic partnership with GO, we look forward to providing Aramco’s high-quality products and services to our valued customers in Pakistan.”
“We are pleased to add these talented individuals to Aramco’s expanding network of global partners and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand abroad.”
Last week it was reported that Aramco was among the companies considering buying Shell’s downstream assets in South Africa.
The deal, which could be worth more than $800 million, has attracted attention from industry giants including Abu Dhabi National Oil Co, South Africa’s Sasol, Trafigura Group’s Puma Energy and Glencore.
