Saudi Aramco Finalizes Purchase of 40% Stake in GO Pakistan

Islamabad: Saudi Aramco, the world’s largest integrated energy and chemicals company, has finalized the purchase of a 40% stake in Gas & Oil (GO) Pakistan, as announced in a statement on Friday.

GO Pakistan, known for its extensive network of retail outlets providing fuels, lubricants, and convenience store services, stands as one of Pakistan's prominent retail and storage companies.

This acquisition, initially disclosed in December 2023, marks Saudi Aramco's significant entry into the downstream retail sector in Pakistan, signaling its expanding retail footprint in lucrative markets.

Yasser Mufti, Aramco Executive Vice President of Products & Customers, expressed enthusiasm about the global retail expansion, emphasizing the strategic importance of partnering with GO to deliver high-quality products and services to Pakistani consumers.

The Competition Commission of Pakistan (CCP) had approved Aramco's acquisition of a 40% equity stake in GO last month, consolidating Aramco's presence in the region.

In March, Aramco also acquired Esmax Distribución SpA, a major downstream fuels and lubricants retailer in Chile, further demonstrating its global retail growth strategy.

The acquisition of GO Pakistan's stake by Aramco, finalized in December last year, has been lauded by economic experts as a positive development for Pakistan, aiming to attract much-needed foreign direct investment (FDI).